01 Aug Yes, you can buy in a great area within 10 kilometres of the Sydney CBD
Canterbury is shaping up as THE place to buy in Sydney
Even with the downturn casting a dark cloud over the property market, affordability is still a concern in Sydney. With the average Sydney unit cost still sitting close to $750,000, and the banks tightening lending standards, getting into your desired area is still out of reach for most buyers.
Enter Canterbury. At just 10km from the city and fast becoming part of the Inner West, it is the ultimate Sydney ‘bridesmaid suburb’ to an area that has bucked the Sydney downturn trend in terms of clearance rates.
Once a semi-industrial ghost town, the area is experiencing a regeneration with new residential and commercial developments changing its essence and demographic.
According to the Domain Liveable Sydney report, it ranks highly for strong telecommunications coverage and transport services. The suburb is well serviced by its very own train station that only takes 20 minutes to get to Town Hall. Cycleways are well established (it’s a 40-minute cycle ride to the CBD), and it’s also close to several M5 entrances.
There is no shortage of dining options either. A stone’s throw from the station, the area boasts a great neighbourhood Japanese restaurant and a cool Turkish-Mexican fusion eatery. Head a little further out to Croydon, Campsie or Dulwich Hill and you are met by a myriad of options, from Korean to Portuguese. Take a walk through the backstreets, and you’ll find The Little Cup and Saucer, a perfect spot for a lazy Sunday breakfast, or the popular Cook’s Cafe where you will find all the classics.
Aldi and Woolworths are both close to the station, and Campsie offers even more shopping options, including butchers, delis and variety stores and boutiques. A 6-minute drive away in Summer Hill, you can explore Summer Hill’s village-like streets and find Romeo’s IGA, which even has its own cheese room!
There are several reasons why Canterbury is becoming popular with first home buyers, especially young professionals and families. In addition to already established gyms, fitness centres and an ice skating rink, the area is also home to plenty of parks and reserves, especially along the Cooks River path. The area falls into several school catchment areas, including the exclusive Trinity Grammar in Summer Hill. And consider this – Canterbury Hospital has one of the shortest emergency wait times in NSW!
Our director, Andrew Phanartzis, who has spent the first half of the year marketing a recently completed development in Canterbury says, “We have found the Pyrus development very popular with first home buyers who have been priced out of nearby suburbs. 20 of the 26 properties sold this year has been to this market and only 4 of our sales to investors.”
With its brand new apartment developments peppering Canterbury Road, it’s fast becoming popular with investors too. However, don’t let this fool you into thinking that Canterbury will be suffering from oversupply. Only last month, council sought to pause the introduction of the medium density housing code (allowing owners to build dual residency housing without approvals), meaning good growth will be evident in the coming years.
There are a heap of plans to improve the Cooks River frontage and town centre, and this, along with the ability to find a brand new 2 bedroom apartment under $700,000, is shaping Canterbury to be an exciting – and affordable – place to be.