The southeast suburb on the move

The southeast suburb on the move

Homes in Eastgardens appear to be hot property, with newly released data showing house prices skyrocketed throughout 2018.

It was a great 12 months for homeowners in Eastgardens, with house prices increasing by 17.3 per cent up to October, according to CoreLogic data.

The tightly held suburb had just 13 house sales in that same period, with a median price of $1.525 million.

Clovelly had the second strongest growth within the region, recording a spike of 2.8 per cent for houses.

South Coogee and Malabar were the only other suburbs within the southeast that had positive growth.

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Eastgardens itself is undergoing somewhat of a revitalisation, with the Westfield set to be revamped after half the mall was sold for $720 million.

Agent Paul Spanoudakis of Raine and Horne Maroubra, who sold 54 Smith St for $1.65 million in August, said the older suburb was being noticed by a younger crowd attracted to the big blocks and affordability.

“It is a good little pocket of real estate close to everything,” Mr Spanoudakis said.

“It is still affordable in terms of its location in the southeast. We have seen a lot of young couples going in and buying older homes and renovating them.”

It’s relative affordability is clear to see, with neighbouring Maroubra having a median house price of $1.959 million, some $434,000 more expensive.

Mr Spanoudakis said it was this advantage that would keep the area popular with young buyers looking to break into the region.

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“The market has changed in the last eight months but it should continue to do well as its affordable,” he said.

On the unit front, it was South Coogee that performed the strongest, as prices expanded by 15.3 per cent in the 12 months to October.

The very popular beachside suburb had 14 unit sales in the past year, with a median price of $1.069 million.

Clovelly cames in second, while Matraville and Kingsford were the only other unit markets to record positive growth over the year.


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