Redfern is in the bottom 30% in NSW when comparing median price capital growth over the last year. Redfern gave property investors a disappointing capital gain figure when compared to the rest of the state, with -9.59%.
While Redfern,2016 ranked number 826th in NSW for increase in median house value (annualised) increase, it is ranked 748th over the last 5 years.
Property investors looking for a bargain in Redfern should be aiming for at least -10.35% off the asking price, which is the average vendor discount being achieved at the moment.
Residents and property investors in Redfern have been waiting around 60.5652 days to sell a property.
If you compare the increase in value of investment property in Redfern, 2016 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this NSW suburb was 0.00%.
Redfern,2016 has offered an average of 0.00% return per annum in house price rises to property investors over the last three years.
LACK OF BUYER INTEREST may well be the reason that Redfern is offering property investors an average of -6.83. This rate of discount on properties puts Suburb at number 156th in terms of most discounted suburbs in NSW
Advertised rents are around the $650 mark per week – giving a return of 3.48% based on the median price in Suburb
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Information supplied by:
October 2017
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Prestige suburb maintains status
Postcode: 2016
Median house price: $1,567,500
Three-year growth: 56.0%
Rental yield: 2.7%
Gentrification has transformed the suburb of Redfern into a prestige area. It has been recording consistent growth for at least five years, and this trend looks to continue into the near future.
Located just 3km from the Sydney CBD, Redfern is a bustling commercial hub that draws city dwellers. Shopping is concentrated at Redfern Street, and to the east is the Redfern railway station. This station is the one closest to the University of Sydney at Camperdown and Darlington; thus, a constant flow of commuters keeps the area busy. In addition to being near the university, Redfern is the site of St Andrew’s Greek Theological College.
Redfern is a significant place to the Aboriginal community as the site of The Block, where many members of this community were given access to housing.