Adrian Bo here, and today I’m in Randwick, here on Waratah Avenue and the relevance of that, I’ll explain in a moment. But, I’m here basically to talk about some of the proposed changes to Randwick Town Centre. As well as dig into the latest numbers on Randwick’s housing market, which are actually quite eyeopening. So, RCC has set out a draught strategy plan, focused on improving public spaces, develop laneways and establishing some new guidelines for future development of the Randwick Junction area. The reasons for this new draught strategy revolve around the projected increase in traffic to the Randwick area, due to a number of reasons. Number one being, the initial expansions of the Prince of Wales Hospital. Number two being, the alterations to the Sydney Children’s Hospital. Number three, the redevelopment of the University of New South Wales, and finally the New Light Rail, which was completed in 2019. RCC wanted to get ahead of this traffic increase to establish a framework for the future evolution of the suburb. The projection is that there will be 24% more jobs in Randwick by 2036, requiring an extra 15,000 square metres of floor space. So, for the last four years, RCC has been surveying locals and the key outcomes they discovered were that people want a broad range of shops within a pedestrian friendly environment, with attractive streetscapes and less road and traffic congestion. Not dissimilar to what RCC have achieved with the Coogee Bay Road Project that is currently underway.

To that end, there are three proposed public spaces to be upgraded in Randwick Junction. Arthur Lane, Waratah Avenue Plaza, where I’m here now standing, and June Moore Place. In the case of Waratah Avenue Plaza, the proposal is to close the street and create an enclosed area for market exhibitions and street performances. The strategy is also to enable affordable housing for key workers for rental. It’s also there to widen the footpath and create new cycle ways, as well as establish underground power lines and automated waste collection. RCC have flagged three key sites for development, including the Royal Randwick Shopping Centre and the Randwick Plaza. The plans are currently on public exhibition until the 8th of December. And RCC is really looking for some feedback. Randwick’s 30,000 population is relatively young, with the most common age bracket being between 20 to 39 years of age. Owner occupier’s account for just under 50% of the housing stock, while just over 50% are rentals. There were 194 two bedroom units sold this year at a current medium price of just over a million dollars. That’s 13.9% higher than last year, which represents huge growth across 194 sales. Now, 43 sales of three bedroom units were conducted in Randwick this year, at a current medium price of $1.56 million. And whilst that’s only 8.3% higher than last year, it’s quite a dramatic gap of over half a million dollars between two and three bedroom apartments in Randwick. Regarding houses in Randwick, there have been 48 sales of three bedroom houses this year, with a median house price of 2.3 million, up a healthy 10.8% on last year.

However, four bedroom houses have seen an even bigger increase in median house price, with last year, the current average price being $2.8 million on 38 sales, up a massive 16.5% on the previous year. Now, five bedroom homes on much lower volume have seen a colossal 36.5% spike over the last year, with the median house price for these five bedroom homes in Randwick being 3.7 million over 16 sales in total. Sydney’s Eastern suburbs, where I’ve been selling and auctioning for over 30 years have certainly had a good run during COVID. But those numbers are definitely at the upper end of performance, with 2021 likely to involve some belt-tightening. It’s probably a very good time to consider a new valuation on your home. Which I can certainly help you with, if you give me a call or send me an email. I recently sold 2 two bedroom apartments at 88 King Street, in the Centennial building, as well as two newly developed townhouses at 2 Llanfoyst Street, in Randwick, as well as a two bedroom apartment at 8 Wood Street. Another at 7 William Street. And also another at 5 William Street. With an addition to that, another two bedroom apartment at 198 Carrington road, in Randwick. And also a three bedroom house at 46 Coogee Street in Randwick, for $1.9 million. So, certainly a lot of activity within that apartment and house space of recent. My latest sales also included a one bedroom at 172 Clovelly Road, a three bedroom unit at 65 Coogee Bay Road, and a two bedroom house at 175 Botany Street, which sold for $1.64 million. I hope this has been of interest to you. Randwick Junction appears to have a very prosperous long-term future, despite our economic challenges at present. But, I really encourage everyone to visit RCC or contact them to find out more information. Please enjoy the buildup to Christmas. And always remember your home is worth more with Adrian Bo.