When you think of the eastern suburbs, there’s a good chance you don’t think of Kensington.
But this compact suburb has a lot to offer, making it one of the area’s best for growth and livability. Here’s why I think future homeowners and investors alike will love Kensington.
University culture and restaurants in Kensington
Kensington is home to the University of New South Wales (UNSW) and the National Institute of Dramatic Arts (NIDA), so it’s a real student hotspot. A lot of restaurants, shops and cafes take advantage of the hordes of students, meaning Kensington is a great place for dining and entertainment options. My favourite thing about the area is the changing vibe, the art scene and the truly excellent variety of Asian restaurants lining the main streets.
Strong growth and investment potential
Kensington is a prime spot for investing in the Eastern Suburbs, whether you’re looking at units or houses. The high student population is also great for investors who’ll always be able to find tenants to rent out their properties.
Units are a particularly smart choice, as there’s always demand from students in the area and buyers will benefit from strong annual growth of 7.4%, as well as an average rental yield of 3.5% and median rent of $590 per week.
Those who can nab one of the suburb’s few houses will also be making a great move, with annual growth at an incredible 14.6%. The rental yield is lower on houses in Kensington at 1.8% despite the high demand, but an investment portfolio with a capital growth strategy could benefit from a Kensington house, as could owner-occupiers purchasing a family home.
Kensington public transport and new developments
Kensington really is the best of both worlds – the tree-lined streets are peaceful for residents, but spend 20 minutes on public transport and you’re right in the CBD. It’s easy to see why so many young professionals choose to live in Kensington, especially when you can also be at the beach in Coogee or at the airport in just 15 minutes.
Buses are the main form of transport running in Kensington, but that’s set to change with the new light rail that will connect the suburb with Surry Hills, Circular Quay, Central Station and George Street. The light rail is still a couple of years away, so Kensington will only get more and more popular with commuters.
From a development perspective, exciting plans to redevelop Anzac Parade were announced by Randwick Council in 2016, with the aim of creating an “ideas hub”, adding more public spaces, introducing more housing and much more. The $300 million plan is still being discussed with the State Government, but I’m expecting wonderful changes ahead for Kensington.
Access to the city’s best amenities
If you ask me, Kensington is perfectly positioned to enjoy all the best parts of Sydney. The city and the beaches are just short distances away, and the amenities closer to home are some of the city’s most popular. Kensington sits right on the border of local favourite Centennial Park, meaning quick access to gardens, playgrounds, running tracks, cycling paths, sports fields and more. Add to that all of the entertainment options and sporting facilities at Moore Park, such as Hordern Pavilion and the SCG, and you have one of Sydney’s most sought-after locations.
Within the bounds of Kensington itself, locals enjoy Kensington Park and residents from all over Sydney come to the prestigious Australian Golf Club, which is thought to be one of the oldest golf clubs in the country.
If you want more advice on buying or selling in Kensington, contact me today.