Surry Hills, NSW, 2010 is located 2.1 km or a 20 minute walk to the Sydney, CBD. Located in the inner Eastern Suburbs, Surry Hills is approximately 1.3 square kilometres in size and covers 11 parks.
Surry Hills property is noted for its green space and location to CBD and eastern Sydney beaches. The area has a variety of food options, from cafes, bars, restaurants, and the now famous Bourke Street Bakery.
The population of Surry Hills has grown by an average of 7% over a 5 year period (from 15,342 in 2011 to 16,417 in 2016). Households in Surry Hills are professional couples aged 30-39 and young families or couples without children.
The majority of the areas are made up of renters and currently, the median sales price for a house is $1,800,000 in Surry Hills.
Housing stock in particular is tightly held in Surry Hills, with stock highly sought after.
Recently we have seen vendor discounting tighten up, with listings in Surry Hills. (interesting to note that the initial advertised price is captured in vendor discounting only)
The majority of the Surry Hills property for sale is 2 and 3 bedroom terraces, which can be seen in the sales data, with demand from couples and young families.
In regards to rental yields, recently there has been downward pressure on gross yields for house and unit stock in the suburbs. This is due to an increase in rental stock and tenants in a position to renegotiate their rental agreements.
Jeremy Harper is the director of Australian expat mortgage broker.