WHEN BUYERS ASK ME WHICH MARKETS TO FOCUS ON TO MAKE THE MOST OF THEIR INVESTMENT, RANDWICK IS ALWAYS AT THE TOP OF MY LIST OF RECOMMENDATIONS.
It may not offer the ocean views of its glamorous neighbours, but it does have far more room to increase in value. There’s a whole host of changes that will only increase Randwick’s popularity over the coming years.
Here are some of the key reasons I’m so enthusiastic about it:
HUGE NEW COUNCIL INVESTMENT
At the end of 2016, Randwick City Council adopted a massive $300 million investment plan for Anzac Parade. The idea is to create an ‘ideas hub’ that will include everything from new community centres to exhibition spaces and a centre focused on start-up businesses.
The council says this could bring over 1,000 new jobs into the area. The plan also includes provision for around 1,500 new homes, but I predict existing homeowners will still see plenty of growth in the value of their investments as the hub becomes established.
THE LIGHT RAIL TRANSFORMATION
We’re just a couple of years away from seeing the first services run on the CBD and South East Light Rail network, which will connect up Anzac Parade and Randwick with Central Station, George Street and Circular Quay. While frequent bus services from the city mean Randwick is already well connected, light rail will take the pressure off these services and make the suburb even more desirable for commuters.
THE PUSH INLAND FROM THE BEACHES
I know plenty of buyers looking at Randwick properties have one eye on Coogee or Clovelly. But I always encourage them not to think of Randwick as Plan B.
This is because the spread of buyers and renters inland – particularly from younger families looking for extra space – will only boost prices in a suburb like Randwick. Meanwhile, prices in the more popular beachside suburbs could hit a ceiling. It may be the less glamorous choice, but it’s a far more intelligent investment.
THE RELIABLE FACTORS
Unlike its eastern neighbours, Randwick offers a range of amenities that investors can rely on over the long term. The University of New South Wales, the hospital complex and the shopping district in Belmore Road are all part of the fabric of the area.
Then there’s the added attraction of amenities like Randwick Racecourse – which brings thousands of visitors to the area – and nearby Centennial Park, Moore Park and Queens Park, all of which are home to regular community events.
When I put all those factors together, my advice to investors isn’t just to consider Randwick but to get in as quickly as they can. There’s room to grow here, but it won’t be long at all before the word is out.