Sydney's Surry Hills undergoing change
Sydney's sought after Surry Hills has undergone another shift spreading the need for accommodation into the area south of Foveuax Street, according to CPM Realty.
Pointing to Surry Hills' shift of demographic, Sam Elbanna, founder and managing director, CPM Realty, said that apartments are selling out before construction begins and the area is seeing massive interest.
"There has been a change in recent years with a culture and demographic shift in the area. The population has changed to a younger demographic, with more than half of the suburb aged between 20 and 35," Elbanna said.
"A good barometer of the change is the type of cars that you see in the area. Where you used to see clunkers and lemons, there are now more residents who are driving BMWs and Mercedes by people working in advertising, banking and medical services. And these professionals now make up around 42% of the Surry Hills population."
However, many investors believe they may have already missed the boat on these areas. Speaking exclusively to Property Observer last week, real estate expert John McGrath pointed to the suburbs around Surry Hills as being the next purchasing opportunities.
"In Sydney it's areas like Dulwich Hill, St Peters and Tempe that are not the Paddingtons and the Surry Hills, but they're only about four or five kilometres away and they're about 40% less expensive to buy into those areas," McGrath said.
Elbanna said that the new luxury apartment blocks in the area are currently replacing dilapidated terrace houses.
"Developments like Edgeview, The Bedford and one of the latest developments to break ground, East Central, are creating a new identity for the suburb. These stunning apartments are in such high demand that they are selling out before construction begins," he said.
"The area is an archetypical example of the inner-city regeneration and gentrification that is being seen in cities around the world, encompassing socio-economic, cultural and architectural developments. Surry Hills is now one of the premier locations for residential and commercial properties, as the atmosphere changes from run-down to up-and-coming."
