Josh Dorey,son Huxley and wife Amanda Koo with their dog Rosie at their Edgecliff home.Credit:Louise Kennerley
Buyer Josh Dorey,who is hoping to upgrade his family home from Edgecliff to Paddington,said he was willing to pay a premium to get into the postcode because of the suburb’s proximity to a range of amenities.
“What’s really good about it is the convenience. You’ve got access to proper public transport,” said Dorey.
“It’s also one of those suburbs that’s walkable to pretty much everything – cafes,supermarkets and even the cinemas. That’s not something you can do everywhere,” said the 34-year-old who works for an airline. “I appreciate the value proposition of the suburb,and you can see why it commands that price.”
His selling agent Maclay Longhurst of BresicWhitney Inner East said Paddington’s price per square metre rate was underpinned by the sheer lack of homes in the face of persistent demand from buyers to live in the area.
“The demand outweighs supply,so the market outperforms even when sentiment in other outer markets may shift,” Longhurst said.
“Good terraces and apartments in Paddington are hard to buy,and they are rare commodities. Therefore,competition is the norm,pushing prices higher and creating stronger prices per square metres. Paddington’s always strong even when outer markets shift.”
Chapman Real Estate Hazelbrook’s Lawrie Wilkinson said prices per square metre varied from suburb to suburb along the ridge of the Blue Mountains.
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“We often find the bottom end of the mountain is more expensive and people push up to get more value for money,” Wilkinson said.
“You’re definitely getting better value for money for a similar type of house[in Hazelbrook]. It’s a little bit further away from that Penrith basin.”
He said buyers preferred different suburbs based on their criteria and budget and some were happy to pay more to live closer to a hub.
“Blaxland to Springwood is very popular,but sometimes you’re paying $100,000 to $200,000 more for the same house,but it is 10 minutes closer to Penrith.”