Randwick, an older suburb in Sydney’s Eastern Suburbs, has the advantage of the Prince of Wales Hospital and the famous Randwick Racecourse, as well as being in close proximity to the University of New South Wales.
Residents in Randwick have easy access to green spaces that include Centennial Park and Queens Park and the popular Coogee beach. There are also several golf courses nearby.
The original inhabitants of the area surrounding Randwick were Aboriginal people, the Bidjigal and Gadigal, part of the Eora nation.
European settlement was quite sparse in the area for many years because of the poor soil and the swampy land, and it wasn’t until 1859 that the Randwick Municipality was proclaimed.
The site The Prince of Wales teaching hospital now occupies, built as The Asylum for the Relief of Destitute Children, opened in 1858. The facility comprised a series of gracious sandstone buildings, some designed by the influential colonial architect, Edmund Blacket. In 1915, to cater to returned servicemen from the battlefields of World War 1, the facility was converted to a repatriation hospital but eventually renamed the Prince of Wales Hospital in 1953.
Trams to Randwick
Many current and former Randwick residents might remember the trams that ran from the city of Sydney to Randwick and Coogee, In what has since been seen as almost an act of vandalism, the entire Sydney tram network was ripped up in the late 1950s in a move to modernise the transport network with buses, and embrace the age of the personal vehicle.
History has come full circle and there is now a light rail network that runs from Randwick and Kingsford to Circular Quay.
Randwick suburb review and lifestyle
Today, Randwick is home to an established community with many generations of the same family still living in the area. The suburb offers city living with plenty of parks and open spaces for relaxation. Randwick is only 15 minutes drive from the city and only 5 minutes from Coogee beach.
Residents of Randwick include many young professionals who work in the medical precinct of the Prince of Wales hospital, the University of NSW, at the racecourse and in the city centre. Many of the older Randwick residents have spent their entire lives in this area.
For local entertainment, most residents and visitors head to The Spot, around the junction of Perouse Road and St Pauls Street. It’s a favourite hangout for those who want to enjoy a variety of international food at the many cafés and restaurants. The Spot is also home to the Ritz cinema that shows all the latest first-release movies and provides patrons with a charming heritage ambience.
Schools include Randwick Girls’ High, Randwick Boys’ High, Marcellin Catholic College for boys and Brigidine Catholic College for girls.
Randwick housing stock
Although the majority of properties are apartments, mostly post-war, Randwick still boasts some beautiful examples of Victorian, Federation and Art Deco architecture. It is on the heights in Randwick you’ll find all the grand terraces that Coogee missed out on. As older residents sell up, many of the remaining detached homes are being converted into apartments or sympathetic townhouses.
Property values and yields in Randwick
Median property prices in Randwick start at $719,000 for a one-bedroom unit and around $2 million for a two-bedroom house. Current rental prices for two-bedroom apartments range between $550 and $650 per week.
The median rental return for a house is around $960 per week. As at July 2021, it’s estimated that property investors could expect an increase in gross rental yield of around 1.78% as opposed to 2.76% for units or apartments.
Around 41.6% of the properties in Randwick are rented. This would indicate a high demand for rental accommodation in the area, especially given its proximity to the hospital, the university and Coogee beach.
Capital growth in Randwick
House prices in the area have risen by 8.74% in the past 12 months while unit prices have risen by only 3.78%. However, over the past five years, median house prices have increased by 33.33% and unit or apartment prices have risen by 25%.
This would suggest that the suburb is experiencing fairly strong capital growth. Therefore, savvy property investors should look at Randwick if they are thinking about increasing their portfolios.
Can we help with your Randwick property investment?
At Vogue Property, we can not only help you to select a property that fits within your requirements but also, we can manage all aspects of finding great tenants and the leasing arrangements.
Recently leased properties
In Randwick, Vogue Property leased two properties in the last 12 months (as at September 2021).
You can view all our recently leased Randwick properties to get a good feel for what properties are renting for.
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