Redfern update

Ajax

Ajax

South Sydney Council due to occupy one of TNT towers (near the station) in early October.

http://www.sscc.nsw.gov.au/router?model=c&item=2562&category=7

Some fairly high prices being achieved recently

56 Telopea Street, East Redfern $755k (3 bedroom unrenovated pot. car access) a whole dunny lane on title (to improve building to land ratio) sold at auction above reserve

Baptist Street East Redfern largish 4 bedroom pot car access $750k

23 Caroline Street Redfern (near the block) $303k

A link to an interesting one for the brave of heart (or foolhardy not sure which)

http://www.realestate.com.au/cgi-bi...8&f=0&p=30&t=res&ty=&snf=rbs&cu=&fmt=&header=



Ajax
 
Wow!

For the same money you can buy a beautifully renovated 3 bedroom apartment 5 min. walk to Coogee beach with garage.

I love the link description...."prize inner city setting" and "up and coming area".......Some recent links and discussions of possibilities were interseting reading. The prices are defintilely going up, but this puppy will be staying away.

Thanks for the update though.:cool:
 
Hi, I live and work in east Redfern and I thought I could let you guys know about some other recent prices:)

$888,000 for a 3 bedroom Renovated Terrace on Baptist Street.
$980,000 for a 3 bedroom Modern Terrace in Kepos Street. (Di Jones)
$1,071,000 for a 3 bedroom rennovated Terrace in Telopia Street (corner Kepos).

I agree that East Redfern is one of the best investments around the city. Hey I have worked here for 10 years and back then I hated the area but these days it is beautiful (hence I bought my first house in East Redfern). A Halal Butchers shop has been converted into a very nice coffee shop (Cafe Zoe) and over the road the Bar Cleveland has generally young trendy customers compared to being a dump 10 years back.

I have no idea about the eveleigh side of Redfern (would not go near there) but the area from Young st to South Dowling is a great place to live for people who like the inner city cafe and nightlife and there are still some good value houses to be picked up:)
 
Hello Gumballr1,

I agree that Young street east to South Dowling Street is a great area. Though I'm keeping an eye on the Redfern station area as there is huge scope for improvement here.

From the South Sydney Council web-page: -

"South Sydney Civic Centre will accommodate a new One Stop Shop on the ground floor, new Council Chamber and Committee rooms on the first floor and administrative offices on the remaining levels [of the former TNT Tower near Redfern Station]...

Council is excited by the move [in October] which will help revitalise Redfern particularly the shopping precinct with the upgrade of foothpaths, improved lighting and landscaping and of course the addition of some 400 staff on a daily basis."

Ajax
 
wow! redfern is so expensive these days

only tested the area recently - terrace in need of a lot of tlc in great buckingham st. agent said high $500's. we were thinking mid $6's. sold for $713k. all this and the building inspection estimated $200k worth of work.

still keen to buy something in the area but think that the days of affordable living/ips are all but gone for redfern.

julie
 
:(

Thats the catch Kepos and Great Buckingham are regarded as the best streets so when a place comes up the bidding goes nuts. (Anyone hear about the 70's house auction?).

I hope they clean up near the block but if I get an IP I could not afford the risk of having a bad tennant that would be attracted to that part of Redfern.

Some of the single story terraces IMHO still give good value in east redfern.

I am hoping that Redfern will become the new Paddington in 20 years as I think the streets are much nicer than anything in Darlo and Surry Hills.
 
More updates on Redfern,

renovation work going on on the other TNT tower (the one furthest from the station).

Tenant currently moving out of TNT tower closest to the station (many boxes, chairs etc in courtyard).

Auction of 26 Great Buckingham Street, Redfern today. Property sold for $937,000. Currently let for $2700/month till January 2004

http://www.realestate.com.au/cgi-bi...6138&f=0&p=10&t=res&ty=&snf=&cu=&fmt=&header=


Also inspected a large 3 storey 5 bedroom terrace (unrenovated and badly rundown) at 83 Pitt Street Redfern. There was a write up on this in Domain in today's Sydney Morning Herald. This would be a major long term project for someone. You would probably renovate room by room until its all done (lock the door to the unrenovated rooms until you were ready to fix). Fully renovated this property would be very impressive.

Cheers Ajax
 
hi ajax,

just had a look at 83 pitt street on domain.com. looks like a huge job. wonder how much of that back part is council approved - looks shocking on the virtual tour :)

any indications of anticipated sell price from agent? any signs of termite infestation?

julie
 
alpina,

didn't ask the agent about expected price though Sydney Morning Herald mentioned expectations over $700,000. Didn't see signs of termite damage. Kitchen area was gutted (a blank canvas).

Here's the domain.com.au link to 83 Pitt Street Redfern for others

http://www.domain.com.au/listing.aspx?mode=buy&id=2004010338

gumballr1, here's a link to a recently listed terrace in Kepos street
Redfern. Looks great.

http://www.realestate.com.au/cgi-bi...7299&f=0&p=10&t=res&ty=&snf=&cu=&fmt=&header=

These were interesting in Hugo Street (tough area though, wrong side of the tracks)

60-62 Hugo Street (terrace house and vacant land)

http://www.realestate.com.au/cgi-bi...1540&f=0&p=10&t=res&ty=&snf=&cu=&fmt=&header=

64 Hugo Street (vacant land)

http://www.domain.com.au/listing.aspx?mode=buy&id=2003962026


Ajax
 
Originally posted by gumballr1
:(

I am hoping that Redfern will become the new Paddington in 20 years as I think the streets are much nicer than anything in Darlo and Surry Hills.
Click to expand...


Ummmm sorry but Paddington doesn't have any commission houses or "NO GO ZONES" at night or during the day even ;)

and that hasn't changed for over 100 years ;)

Regards


Investor ;)
 
40 years ago Paddington was a dump. No one would want to admit they lived there. Sorry paddo was a hole and improved to the nice suburb it is today. Just as Redfern is improving atm.

And Paddo would have some commision as it is the policy of the Dept of Housing to have residences in every single suburbs and town.

Investor i think that there is more money to be made in Redfern than Paddington in both the short term and medium long term.
.....

Forgeting Paddo, yes that house in Kepos Street is very nice. I shall inspect it this Saturday with any luck:)
 
Investor,

I can remember my parents taking me (as a kid) to their friends house in Paddington in the early 70's. The terrace was owned by one or both real estate agent brothers (Van Whye's). They had other terraces in Paddington then. These were cheap and a very shrewd investment at the time. I remember being told not to stand on the balcony as it was threatening to collpase. Paddington would have had a few no-go zones at this time. I'm told it was tough area with many wharfies and maritime workers living there up till the late 60's. The place you'd go if you needed some hired help to collect a debt.

Large gentlemen's residences were built in parts of Redfern about 100 years ago. They are still there in Pitt Street, George Street and along Cleveland street.

I consider Redfern to be the more shrewd investment today.

Ajax
 
Further update,

83 Pitt Street Redfern -huge 3 storey-5 bedroom terrace in poor condition sold for $850,000 at auction today (23 August 2003). My guesstimate pre-auction was $800,000. Requires a heap of work and expense to bring up to good condition.

Inspected property at 40 Kepos Street East Redfern today. Auction on 13 September. A very classy renovation throughout. Hard to fault anything. Could be a bit of an acid test to see if the market is cooling. High $900,000's to low $1m is my guesstimate. If the market is still strong and someone gets hooked on the quality renovation over $1m is possible imho (I know these are very large numbers)

Cheers Ajax
 
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Also had a look at a number of redfern open houses today :) Stand outs were:

147 Young Street - nice conversion. they are estimating mid 5's. Quite good value though i dont think i like the idea of looking at the housing commissions (directly across rd) all day and view from back was a little scary also. Nothing to do here (except maybe an upstairs toilet) other than hold and hope.

40 Kepos Street - great conversion though i have seen better (47 Pitt St - sold $818k 22/3 & 81 Baptist St - sold $888 12/4) in the area. Will be interesting to see where the market is at - I'm guessing mid 8's.

66 Marriot Street - Another nice one :) great use of glass bricks and very airy with plenty of natural light. Very upmarket feel thanks to terrazzo flooring and a good feel of being larger than it actually is. Wouldn't mind this place though find the $695 asking price a little rich.

Julie
 
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I inspected 40 Kepos as well (Thursday). It seemed a little sterile to me, it seems to have lost its Victorian feel, which disappoints me. I thought 81 Baptist was better but then again it is in Baptist Street, which ain't Kepos.

I really do not understand why people renovate the internals of Victorian terraces to look like Meriton apartments:(

I'd still estimate a touch over a million, as it is a 100 year old terrace in Kepos...

I looked at it with 2 other people and both of them had similar reservations…


PS,
Just to get an idea of what other Terrace fans prefer - A nicely done traditional reno with modern touches or a 40 kepos/81 baptist?
 
gumball,

thats what i would like!

preserved exterior with super contemporary open plan plenty of natural light renovated interior. 66 marriot street and 81 baptist street worked for me. 40 kepos street not quite - still not modern enough.

rear courtyard with car access option would also be a huge positive for me because leaving my car outside in the streets of redfern (kepos st included) is not something i want to consider :)

julie

btw - why is kepos street held in such high regards? there are plenty of great streets in redfern - eg, marriot, zamia, young, pitt, great buckingham to name a few. what is it exactly that makes kepos the best of the best?
 
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Julie, you have got me interested in 66 Marriot street. I shall be having a look on the weekend and then walk straight to 40 Kepos for another inspection. From the pictures 66 looks very very interesting, hopefully it will give me some ideas for my place:)

I think Kepos is the best street for a few reasons: 1. Its closed off and has barely any traffic, hence safe for kids and pets to play. 2. Has a wonderful leafy feel. 3. Nearly all the houses are in great nick. 4. When I walk down it I feel like I am in Woollahra, it really does not feel like Redfern where the others do (except Great Buckingham).

Great Buckingham is my number 2, it is not "east Redfern" but I like the leafy feel and I would love to live in that street. Kepos is still my fav though.

When I have inspected property at Pitt street I have loved the houses but the street is very busy and it has the mail exhcange and a bit of industry. So IMHO great houses but the street is not the best.

I think Marriot and Baptist are also nice. Another street I think has great potential is Thurlow Street. Some nice terraces and its closed off at the South Dowling end. I have not seen any houses for sale lately so it will be interesting to see what prices Thurlow street attracts in the current market.
 
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