In 2006 the Randwick, Kensington and Coogee medians were over $1mill and the next door suburbof Kingsford median was $680k. The median for Kingsford is now over $1mill, the suburb next door to grungy Kingsford is grungy Eastlakes.
Mmmm pattern emerging here? One thing to be aware of is the housing commission areas. You can do a heat map through Aust Bureau of Stats to check out where these are ( based on 06 census) if you are having trouble finding this anyone can PM me and I will send the presentation on how to do that from my course it is 2Mb so I can't attach.
I went to Eastlakes a few weeks ago. The last time I went there was like 2 years ago.
I noticed that McDonalds and KFCs are closed and replaced with middle eastern grocery stores. Franklin is replaced by Aldi. I also noticed that are a lot more people from middle east living there. So yes, I noticed the change of demographics. I am not sure what it will do to house prices given that Eastlakes is still relatively close to city, but still on western side of Southern X Drive which may be the defining boundary of Eastern suburbs?!
I agree with the rest and I would avoid buying in Eastlakes as well.
The public transport is nowhere as good as Kingsford and I think the area is also slightly "rougher" as well. Although not too far from UNSW, there's no direct bus to the uni, so not too attractive for many students.
It has a direct bus to the UNSW (303). I can see more and more student(no just unsw students) living in Eastlakes. They also go to uni by bicycle. Property price and rent in eastlakes are still increasing in this year. I do not know enough sold price for this year but the asking prices of units show in realestate website are much higher than those at the end of last year. As now the price there is very close to similar units in Kingsford. At least for last year, I think it was very good place for investment.