Darlington is located just 3km south of the Sydney CBD, sandwiched between Newtown and Redfern. However, considering its proximity to the CBD, it’s remarkably affordable: the average unit price is just $414,000 – well over $100,000 lower than Redfern and $2000 lower than Newtown.
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It’s a small and tightly-held area, as a fair proportion of the west of the suburb is taken up by the University of Sydney. The majority of properties are also terraced houses, with only around one-third of properties units. Supply has therefore been tight in past – RP Data only records 12 unit sales in the year leading up to May 2011. However, new residential developments are beginning to spring up, including the massive Central Park multi-purpose development on the site of the old Carlton & United brewery.
While this development is a welcome redevelopment for the suburb, it’s not short of amenities in the first place: as you’d expect from an Inner West suburb, there are a wide range of bars, cafes, stores and restaurants in the suburb. The plentiful amenities of Newtown and Redfern are also within easy reach, and access to the city is provided by Redfern rail station and buses, but it’s also only a short walk to Central station.
It’s a prime suburb in terms of demographics. The suburb is popular with young professionals and students alike, due to the proximity of the city, universities and hospitals. Incomes are also significantly higher than the Sydney average at an estimated $2,036pw.
Rental yields are very good at 6%, with vacancy rates very low at just 1.3% (SQM Research, August 2011). Average capital growth has been subdued at just 5% per year, but capital growth in the last three years has been a staggering 82% according to RP Data July 2011. Even so, the suburb’s relative affordability and prime location suggests that it remains an excellent long-term prospect.
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