PROPERTY INVESTOR LENS ON COOGEE 2034
With its safe beach, two rock bathing pools and the delightful Wedding Cake Island off the shore to add visual interest, Coogee is, in our opinion, a forgotten jewel.
Coogee was first proclaimed as a village in 1838. By 1863, settlers had built the first school on the site of what is now the Coogee Bay Hotel. Due to its secluded feel, the area was popular with sea bathers, who took advantage of the constructed rock pools.
Optimistically, in 1928, the Coogee Ocean Pier Company constructed the Coogee Pleasure Pier, which echoed its counterparts in the northern hemisphere, incorporating a theatre, ballroom and restaurant. The venture failed as the 1929 Great Depression hit, and the structure was damaged by the pounding surf, and by 1934 was defunct.
From 1883 until 1960, Coogee and Randwick were connected by tram, allowing day trippers the luxury of not having to walk back up the steep hills to Randwick.
Pioneering Coogee Surf Life Saving Club was founded in 1907 and has a proud tradition of innovation in surf life saving and events.
Coogee Palace Aquarium, a huge entertainment complex on the site of what is now a Merivale property, the Coogee Pavilion, featured an indoor pool, an aquarium, a hall used for roller skating, a toboggan run, a herd of donkeys and other attractions. Opening in 1887, the complex could house up to 4,000 people.
Why choose Coogee?
Coogee is a mix of Federation homes, California bungalows side by side with modern apartment blocks and smaller Art Deco apartment blocks (where we recently leased this Coogee Bay Road rental home).
Although not common, 1980s Post Modern apartment blocks are in evidence. The older apartments, with their more generous room sizes and ceiling heights, are prized by first home buyers and renters.
Proximity to Randwick Prince of Wales teaching hospital and University of NSW Randwick campus, makes Coogee an attractive suburb especially for medical students and health workers. The younger students and overseas immigrants keep the Coogee median age down at around 34 years.
The suburb is serviced by several bus routes. Commuters now find it more convenient to connect with the light rail that terminates at Randwick Junction. And when our borders reopen, expect an influx of Brits, Irish and Scots seeking the good life in Coogee.
For those who love to get out and about, the Coogee to Bondi walking track is a major drawcard. The beautiful beach reserves, with barbecues, trees and water access, are popular with families and groups of friends all year ‘round. However, the beach is the key attraction and much social life is based on beach activities.
Locals take advantage of several supermarkets within walking distance, although most shop in Randwick Junction or Bondi Junction.
Coogee home prices and rental yield
In Coogee, the median price for a three-bedroom house is $3,405,000 with a median rent of $1,175. (Overall, the median house price rose to $3,225,000 over 2020.)
For two-bedroom units, the median price is $1,195,000 and the median rent is $650 a week.
Investors can expect a gross rental yield of around 2.77% (as at July 2021).
(All figures as at July 2021).
Capital growth in Coogee NSW
Over the past three years, Coogee has shown average growth of 2.5%.
The ten-year average annual increase is 7.28% for houses and 6.44% for units.
Adding value to your Coogee investment property
To ensure high occupancy and a better-quality tenant, landlords need to keep their properties relevant. Especially now with a flight to regional cities or suburbs with newer housing stock, it’s vital to give your asset the best chance of success.
Top things to do to keep your Coogee rental top of mind
- Make it pet-friendly. The incidence of pet ownership in the Eastern Suburbs is increasing as people continue to work from home and live in smaller households. These renters need understanding landlords.
- Keep up the maintenance. Things wear out, paint and flooring gets tired. To give your property the best chance of gaining a long-term tenant, keep your property fresh.
- Add amenities like air conditioning, ceiling fans or a dishwasher.
- Ensure you and your property manager communicate regularly with tenants to ensure they’re happy and they know you’re there for them.
Recently leased properties
In Coogee, Vogue Property leased 3 properties in the last 12 months (as at June 2021).
You can view all our recently leased Coogee properties to get a good feel for what properties are renting for currently.
Free Property Management Advice, talk to an expert now!
Are you a landlord looking for advice? Do you have questions about these uncertain times? Changes to the rental market or anything specific to Property Management? Book a one-on-one, obligation-free, consultation with Jaime Pratt, Head of Property Management at Vogue Property Managers.
Book your session now: vogueproperty.com.au/team/jaime-pratt
With over 20 years of property management experience, Jaime will openly provide advice on improving rental return, enhancing your property, attracting quality tenants and finding ways to alleviate your expenses.