Redfern is a vibrant and colourful suburb neighbouring fashionable Surry Hills and just minutes from the CBD. It features an eclectic mix of Victorian terrace houses, warehouse conversions and new apartment buildings.
Redfern history
Although Redfern has undergone a major gentrification, it has retained much of its historical character with beautiful colonial and Victorian buildings mingled successfully with new and more modern designs.
Redfern officially became a suburb of Sydney in January 1949 and was home to many migrant workers. In the late 1960s and into the ‘70s, Redfern was the centre of the black power movement. This resulted in the creation of health clinics, housing co-operatives, food drives and a legal aid centre for the resident Aboriginal community.
Even today, Redfern is still home to a large indigenous community. However, a large mix of professionals and students also call this suburb home.
Redfern suburb review and lifestyle
Redfern offers a vibrant social mecca for people to mix and mingle with plenty of outdoor coffee shops, bars and restaurants. This suburb offers a truly cosmopolitan lifestyle. Plus, there are plenty of green spaces for residents to enjoy some time outdoors.
There is a large population of mature and established professionals (31.3%) followed by a similarly large population of independent young people (26.5%). This has led to a strong demand for quality rental accommodation in Redfern.
Redfern also has its own railway station that offers easy access to the rest of Sydney, and students appreciate the proximity to the University of Sydney’s Camperdown and Darlington campuses. This makes the suburb highly attractive to university students and staff, especially to those whose families live further out or in regional areas.
Property values and yields in Redfern
While there are plenty of houses in Redfern, the majority of investment properties are units and apartments. In fact, renters make up around 61.7% of the suburb’s population.
According to statistical data, the median price for a unit is $865,000. The median rental for these units is $550 per week, translating into a yield of 3.31%.
Capital growth in Redfern
Capital growth is strong in Redfern due to its close proximity to the CBD and the vibrancy of lifestyle that the suburb offers. With the high demand for rental accommodation in the area, this capital growth is likely to remain strong in years to come.
According to data supplied by CoreLogic, the suburb saw an annual capital growth of 5.34% compared to the previous year. While unit prices have dropped slightly from an average of $952,000 in 2018, the average number of sales have increased.
This could indicate that, as elsewhere, especially in Leichhardt, investors have been selling their properties. These sales leave the door open for other investors to get into this market to take advantage of high rental yields and the demand for quality rental accommodation.
Due to extensive gentrification, residential property in Redfern is continuing to experience high demand and this is predicted to continue well into the future.
Now is the perfect time to buy an investment property in Redfern
If you’re looking to add to your portfolio or buy your first investment property, Vogue Property can help you find a suitable investment in Redfern. With the continued popularity of rental properties in the suburb, you can be assured of a good return on your investment.
Plus, at Vogue Property we can help you manage your rental and take care of all the details for you.
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:
https://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.
