Good deals: popular inner west suburb declared ‘undervalued’

Known for its eclectic and bohemian atmosphere, Newtown is an enclave of shopping, arts, dining and bars – it is also one of the most undervalued suburbs in NSW.

According to SuburbData, Newtown has become one of the city’s most “undervalued” suburbs, with prices below those of some neighbouring areas offering comparable homes and amenities.

Newtown was also considered undervalued due to slower growth relative to neighbours over recent years, which suggested the area was due “catch up” growth.

Simon Brock and partner Micaela Mandorff lived in Newtown for seven years and said the area offered a lot.

Mr Brock is now selling the apartment he purchased in 2017 which the pair had lived in for five years and leased out since mid 2022.

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According to Mr Brock, the suburb is an exciting place for somebody who wants to feel the big city buzz but also feel part of a community.

Mr Brock said they found they got more “value for money” in Newtown than other locations.

“Newtown has a kind of logic and magic about it,” he said. “I think it maybe is overlooked when people are thinking about the suburb to call home.

“There’s the logic of all of the proximity, a train station on your front doorstep, parks and green areas, restaurants and all the rest.

“There’s also a buzz and an energy. It feels like a place where things are being made and creativity is always bubbling away. There’s always new venues, new people and something happening.”

Returning to Sydney from overseas 10 years ago now, Mr Brock said Newtown had an openness and friendliness with a magnetic buzz.

“It made me feel really welcome and it was a feeling I hadn’t had anywhere else in this amazing city,” he said.

“There’s always exciting things happening, you come home at the end of a long day and there’s people buzzing around the place whether to eat, go out and see a band or a show.”

Initially the pair were renting in the same building in the apartment across the corridor for two years when Mr Brock’s current property came up for sale.

“The thing we loved about the place and why we jumped at the opportunity to buy in the building first and foremost was the location,” he said.

“You’d walk out the front and be on King St and in all the buzz of what’s happening on that side or you’d walk out the back and be on Enmore Rd and straight to the theatre, restaurants or bars.

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“To be able to then go out to dinner or to see friends, whatever it may be and then be home again in about three minutes was just amazing.”

Mr Brock said the property includes a big bedroom, living area and balcony which you can sit on above the bustling street, adding it had always been a magnet for friends.

“The number of Friday night’s where people ended up at our place because the location is great and the space is great for having people over,” he said.

“It really is a great spot for someone who is sociable and loves being around people and the energy of others.”

Adrian Tsavalas, the director of inner west agency Adrian William, said Newtown was particularly good value at the moment.

“It’s always been a popular area and it has had various growth spikes in the past but when you compare it to other inner city suburbs like Glebe and Annandale, its excellent value,” he said.

“Units are a really good entry point into the area because they’ve remained really good value for the past five years.”

Mr Brock said he has hopes the recent rate cut will positively influence buyers.

“I’m hoping it’s going to give people confidence again, partly because we are selling but also in general,” he said.

“I think the great Australian dream of owning the place you live has felt like it’s may be gotten out of reach for most people, a lot of my friends, a lot of my colleagues have the sense that that’s something they just aren’t ever going to be able to experience.”

Mr Brock said the recent cut has created more optimism around the cost of living pressures starting to ease, making housing and the idea of owning a home more achievable as well as expectation rents will be consistent to assist those saving and into home ownership.

“I’m hoping that we continue to see that interest rate come down a little further and also that it maybe gives people a little more optimism about their chances of home ownership if that’s something they are excited about and want to get into,” he said.

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