Yagoona is top Sydney unit suburb with 22.7% growth in 2012: REINSW

Yagoona, the first suburb in Australia to get a McDonald’s restaurant in 1971, was the top performing unit market in Sydney in 2012, according to the Real Estate Institute of NSW (REINSW)’s latest quarterly report.

Located 20 kilometres southwest of the CBD, unit prices in Yagoona increased 22.7% to a median of $400,000 over 2012.

This was from 84 sales over the past year.

The average increase for unit prices in Sydney from 2011 to 2012 was 3.8%.

Professionals Bankstown agent Ross Gravaris says a new development along the Hume Highway could have pushed the median unit price up.

Gravaris told Property Observer the area is popular among first home-buyers as well as investors, as properties often see good rental returns.

He also says that properties in Yagoona are generally quite affordable, with many young families purchasing properties there.

“One side of Yagoona is very affordable, while the other side closer to Bankstown is a bit expensive,” he said.

A three-bedroom unit at 26 Brunker Road (pictured below) sold for $395,000 this month.

It last sold for $167,500 in 1997, according to RP Data records.

Another recent sale was a two-bedroom apartment at 149 Auburn Road, which sold for $325,000 through Goldstar Partner Real Estate. It last sold for $284,000 in 2007.

Gravaris also noted that some buyers choose Yagoona as “Bankstown is a bit out of reach [in terms of prices]”.

Some areas of Yagoona are within walking distance to Bankstown, making it a popular choice amongst residents who enjoy the proximity to Bankstown without the extra price tag.

Gravaris cited Bankstown’s shopping and recreational facilities as a big draw for Yagoona residents. Centro Bankstown is close by, while Bankstown Oval is a popular local sporting ground.

There are also a number of private and public schools in the area.

The 2011 Census showed that 18% of residents have a Lebanese background and 12.3% of residents have a Vietnamese background, indicating that Yagoona is a culturally diverse suburb.

Yagoona is also relatively accessible by public transport. Yagoona train station, situated next to Hume Highway, is part of the CityRail Bankstown line. A trip to Central Station in the Sydney CBD takes approximately 30 minutes.

The southwestern suburb of Leumeah experienced the second highest annual growth in unit prices with a rise of 15.7% to $248,000, followed by Wentworthville with a 11.8% increase in median unit prices to $369,000.

Sydney suburbs with an above-average increase were*:

Source: REINSW

*Suburbs which recorded less than 50 sales for the year were not included.