A vibrant but often overlooked part of Sydney is on track to be the city’s next Surry Hills, with winds of change being felt thanks to gentrification and the lure of affordability.
Article published in Realestate.com.au 17th May 2022.
Tucked away in the inner-west, Ashfield boasts strong connectivity with the CBD and Parramatta, a vibrant and multicultural community, comparatively cheaper housing stock, and some very bright prospects, experts say.
But, until recently, it’s been bypassed by hordes of hip young homebuyers in favour of already trendy neighbourhoods like Newtown, Redfern, and Surry Hills.
Like those areas, which have seen house prices explode and rents skyrocket over the past decade, property pundits say Ashfield is on track to be a future cool enclave.
And there are signs that change is already underway.
As it stands, Ashfield is a nice place to live, with a good level of amenity, high accessibility, and plenty of choice when it comes to housing.
Would-be buyers will find a mix of brick low-rise unit blocks from the 1960s and 1970s, Federation-style homes, a smattering of grander Victorian houses, and modern higher-density apartment blocks.
Much of the older housing stock that comes to market is in near-original condition, giving buyers the chance to add their own personality – and increase value.
Meanwhile, units offer more bang for buck compared to suburbs a bit closer to the city and many also offer renovation potential.
There’s a major shopping centre, Ashfield Mall, with big-name tenants, as well as a few commercial precincts, and a bustling High Street.
“With continued investment into the area, particularly around the Ashfield Mall precinct, the suburb will continue to hold strong appeal to future homebuyers and investors alike,” said Lachlan Vidler, a buyer’s agent and director of Atlas Property Group.
Ben Plohl, a buyer’s agent with BFP Property Buyers, said the arrival of young couples and growing families was sparking gentrification.
“There are plenty of trendy cafes and restaurants popping up, a vibrant multicultural feel, and relatively affordable homes.”
But Ashfield’s real strong point is that rich multiculturalism.
Diners have countless choices, with every cuisine catered for, and there are regular community festivals and events, including the famed annual Carnival of Cultures.
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