An eclectic mix of period properties, art deco and mid-twentieth century architecture and modern industrial and residential developments give Rosebery, just six kilometres south-east of the Sydney CBD, its own unique identity.
Locals rave openly about the suburb via Ninemsn.com.au, which allows residents to comment on and rank their postcodes according to community vibe, available services and affordability. Rosebery gets a respectable 7.8 out of 10.
“Rosebery-ites” praise local amenity and suggest they feel ‘safe’ in this family friendly enclave, listing positives such as:
- great cafes and restaurants
- nearby shopping
- close to the city and beaches, minus the congestion
- great value for an eastern Sydney suburb
- big blocks of land, nice Californian bungalows and parks
- good transport
Friendly neighbours even get a look-in on more than one occasion and did I mention that cashed up family buyers and professional couples alike, love the area?
As if Rosebery residents didn’t already have enough to crow about, the northern area of the suburb and adjacent Green Square are undergoing extensive gentrification.
A whopping $8 billion is being invested by the City of Sydney over the next ten years to transform the former industrial precinct into “a vibrant and sustainable urban environment.”
Innovative and modern “green” housing developments, bespoke business and retail hubs and expansive parks and gardens are all on the agenda, along with a new town centre, with the 278-hectare parcel to be completely rejuvenated.
The City of Sydney cites Green Square as the fastest growing local precinct, with families flooding into the area and next-door’s Rosebery, which has been popular with established residents for decades.
Backing a winner
Once home of the Rosebery Racecourse, which first opened in 1906, Rosebery is rich in history and for property investors, is virtually a “sure thing”.
Anecdotally, someone I know had the opportunity to purchase an industrial building for around $7 million just two years ago. He turned it down as he felt it was a bit too pricey. That same building recently sold for over $40 million in the classic “one that got away” scenario!
Rosebery’s median house price as at 21st July 2014 was $1,115,000. While this may seem like a stretch for your investment dollars, the median unit price was recorded at an attainable $611,000 – which is quite reasonable for an inner city Sydney suburb that’s clearly on the up and up.
According to RP Data, the NSW median house price increased by 8.50 per cent between 2012 and 2013, while Rosebery smashed this average with a very impressive 29.39 per cent growth rate during the same period. Rental yields are a respectable 3.13 per cent (gross) for houses and 4.77 per cent (gross) for units.
|Quarterly growth||3.33 %||3.56 %|
|12-month growth||29.39 %||6.49 %|
|3-year growth||29.39 %||14.21 %|
|5-year growth||84.26 %||23.43 %|
|Average Annual Growth||5.38 %||4.93 %|
|Weekly median advertised rent||$700||$560|
|Number of sales||57||87|
|Gross rental yield||3.13 %||4.77 %|
|Days on market||17.72||31.61|
Source: RP Data for 2012/13 via yourinvestmentproperty.com.au
Who are the people in your neighbourhood?
In 2006 Rosebery’s population was recorded at 7,422, but by the 2011 ABS Census this had grown by 14 per cent to 8,482. Current statistics suggest Rosebery now consists of 14,168 residents, meaning the local population has almost doubled in size over the last eight years.
Rosebery is an attractive option for young, professional families seeking solitude from the city, but still wanting to be close to Sydney’s entertainment and employment opportunities. Serviced by a number of bus routes into the CBD and only 1.5 kilometres from the Green Square Railway Station, it’s easy to see the appeal of Rosebery for commuters.
There are a number of parks, two primary schools and a host of trendy cafes catering to local coffee connoisseurs. And if all that doesn’t tempt you to look a little deeper into Rosebery’s property investment potential, the City of Sydney says an estimated 40,000 new residents and 22,000 workers are expected to move in by 2030, as a result of the Green Square revamp.
Investors would do well to consider the relatively affordable unit and apartment stock on offer in Rosebery, with locals citing the Gardeners Road precinct and in particular, nearby roads like Tramway Street, as popular favourites.