Built in 1880, this grand inner-west Sydney home sold for over $3 million. Catch all the action from Domain's live auction coverage.
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Less than three years ago just one home in the inner west suburb of Annandale had sold for more than $3 million.
Since then, 13 more homes have joined the frontrunner – a 12-bedroom Gothic manor bought for $4.86 million in 2009 – in the $3 million-plus club.
So far this year, Annandale has had more homes join the club than it did in all of 2016, and three times as many as did in 2014 and 2015 combined.
‘The Abbey’ sold for $4.86 million in November 2009. Photo: Supplied.
One of which, a four-bedroom home at 74 Trafalgar Street – which records show sold for $4.08 million in March – became the second home to crack the $4 million mark in the increasingly sought-after suburb.
Simon Pilcher of Pilcher Residential said he was seeing more buyers from the eastern suburbs and lower north shore move to the inner west pocket.
“For the last 15 years [Annandale] has been well regarded, but in recent years there has been a shift, rather than seeing these buyers coming here because they couldn’t afford the eastern suburbs or the north shore, they’re coming because they want to.
74 Trafalgar Street sold for $4.08 million in March, becoming the second most expensive home to sell in the suburb. Photo: Supplied.
“Annandale sits somewhere between the city fringe and the inner west, it’s in a good spot,” he said.
“We’ve seen more cafes, restaurants and food speciality shops come into the area … and that’s also drawing people from other locations, they are stumbling across Annandale and asking how long has this been here? Why didn’t I know about it.”
The suburb’s median house price sits at $1.85 million, up 25.4 per cent over the past six months, and 107.2 per cent over the past five years, according to Domain Group data.
Auctioneer Gavin Croft getting ready to sell a historic Annandale home for $3.12 million in October. Photo: Fiona Morris
With annual price growth of 33.1 per cent over the year to March – almost triple Sydney’s 13.1 per cent growth – Domain group chief economist Andrew Wilson said it was a top-performing inner west market.
“It’s had very strong short-term growth, driven by some big sales,” he said. “It’s probably been a bit off the radar … maybe a bit of a quiet achiever, but not any more.”
He said Annandale’s combination of tree-lined streets and proximity to the city made it popular among the upwardly mobile looking to buy in a more cosmopolitan suburb.
This Annandale home at 29 Breillat Street sold in April for $3.4 million. Photo: Supplied
“It has a variety of properties though, so there are still smaller properties offering value in the $1 million to $2 million range.”
Mr Pilcher said it was mainly the high-end freestanding homes in a suburb with many terraces and semis that were demanding a premium.
“Some of the early strong results, encouraged more people with these properties to come onto the market,” he said,
More than 100 people attended the auction for 190 Nelson Street, which sold for $3.2 million last July. Photo: Kirk Gilmour
“Some of these have been well above the average property being offered in terms of size and price,” he said. “I’d be very surprised if we see the volume of such properties continue.”
With two Annandale properties – with price guides around $3.5 million – currently on the market, it’s likely the suburb will have some new additions to its growing $3 million club in the coming weeks.
Chris Nunn of BresicWhitney Glebe, who is selling a converted four-bedroom warehouse at 9A Albion Street, said he was seeing interest from different parts of the city.
A converted warehouse at 9A Albion Street, Annandale, is on the market with a price guide of $3.5 million. Photo: Supplied.
“Warehouse buyers will come from right across Sydney,” he said. “But for Annandale in general, we have seen more vendors selling from the east going into Annandale.”
Mr Nunn, who lives in Annandale, said the suburb’s great schools and growing cafe and dining scene made it a popular spot for families.
He said the area did offer more affordability than inner-city and eastern suburbs, noting if the warehouse was in Surry Hills or Darlinghurst it would likely come with a $6-7 million price tag.
However its inner west location looks unlikely to hold it back, with a four-bedroom warehouse in neighbouring Glebe selling for $4.1 million last month.
