Has Alexandria reached a plateau?

Following a hefty 28 per cent hike in house prices over the last 12 months, it’s not entirely surprising to find that local agents believe the Alexandria market may have reached a plateau.

“The market now seems to have found its peak and is holding,” McGrath Edgecliff agent Brad Gillespie says. “We’re still seeing good numbers at opens, but we’ve gone from having eight to 10 registered bidders to four to five. There’s been no dip in prices.”

LJ Hooker Inner City agent Dominic Kuneman reports a patchy market, with some properties doing well and others struggling.

“Buyers are spread a little thin, even though we have low stock levels,” he says. “However, we’re still getting really good prices, just not as quickly. Vendors may need to wait six to eight weeks instead of the four-week campaign we’ve become used to.”

With a median house price of $1.35 million, Alexandria has caught up with neighbouring Surry Hills, where houses used to command a 20 per cent premium.

Gillespie says the suburb has been slowly finding its feet as light industry has been replaced by residential development and hot-spot eateries, with the Grounds of Alexandria continuing its expansion and new offerings around Fountain Street.

“You can walk everywhere, it’s a little quieter than places like Erskineville and Newtown, there are wider, tree-lined streets and we’re not affected by the flight path,” he says.

The influx of new developments kept apartment prices from streaking too far ahead, rising a little over  9 per cent to a median of $687,500. More than 250 apartments changed hands over the past 12 months compared with just 60 houses.

Kuneman says apartments under $800,000 – usually one-bedders or small two-bedders – are still in demand because the rental yield remains attractive.

1. 43 Brandling Street
$2.3 million +
4 bed 2 bath 2 car
Built Circa 1890; renovated 2009
Land 297 square metres
Inspect Sat, 1pm-1.30pm; Wed, 5.45pm-6.15pm
Agent McGrath Edgecliff, 0418 448 295
Auction October 10
Last traded for $1.64 million in 2010

With its timber-panelled façade and corrugated iron roof, this Victorian Georgian property looks every bit the worker’s cottage, perhaps even a humble farmhouse. But step inside and be impressed by the creative reinvention of one of the area’s oldest homes.

Agent Brad Gillespie says the double-fronted property is arguably one of the suburb’s best, and should appeal to both local and out-of-area buyers.

It’s the open-plan living spaces at the back of the property which make it unique. Featuring a raked ceiling supported by exposed timber beams, limestone floors and a fossil stone fireplace, the space is home to the contemporary kitchen, with a fossil stone island bench and breakfast seating. A timber-lined dining zone can be closed off via a sliding cavity door and the family bathroom comes with a four-person Italian bath.

There are two bedrooms at the front of the home and an expansive master suite upstairs with walk-through wardrobe, study zone and an open en suite with free-standing bath.

The double garage at the back of the property has a studio overhead, ideal as a rumpus room, teen retreat or home office.

Room for improvement: Plant a hedge to soften the front façade.

2. 9 Phillips Street
$1 million +
2 bed 1 bath 1 car
Built 1890; renovated 2011
Land 112 square metres
Inspect Sat and Thu, 1.30pm-2pm
Agent LJ Hooker Inner City, 0424 988 430
Auction October 10
Last traded for $235,000 in 1997

Set within the historic 1183 Elizabeth Terrace Row, this Victorian property sits at the cul-de-sac end of the street. At the other end, you’ll find the green expanse of Alexandria Park – a popular reserve with sports fields, tennis courts, a basketball court, a playground and an off-leash area for dog owners.

Behind the traditional façade there are two bedrooms, one with built-in storage. Past the bathroom with separate shower and a spa bath is a modern, black and white themed, skylit kitchen with stainless steel appliances overlooking the living and dining room. Double doors open onto the back courtyard, which doubles as a secure car space with rear-lane entry.

There are timber floorboards throughout, ceiling fans and an internal laundry. Comfortable as is, there is room to add value and personalise the property, particularly in the front and back gardens.

Room for improvement: Landscape the back garden.

3. 6/1 Ralph Street 
$875,000 +
2 bed 2 bath 1 car
Built 2008
Size 154 square metres
Strata levy $1260 a quarter
Inspect Sat, 10am-10.30am; Wed, 1pm-1.30pm
Agent Belle Property Annandale, 0433 236 281
Auction October 10
Not yet traded

This two-storey, terrace-style apartment is in the award-winning Isar, a security complex of 32 apartments with a café at street level. Designed by Southmarc Architects, the development takes inspiration from the European concept of rooftop gardens, incorporating a rooftop olive grove with city views into one of the buildings. There is also a central courtyard with a bamboo-fringed lawn.

With terraces bookending the property – one to the north and one to the south – this ground-floor apartment has great cross-ventilation and plenty of natural light. From the private entrance, enter into the open-plan living spaces, with timber-look flooring and shadowline ceilings. A stone-wrapped island bench provides plenty of preparation space in the gas kitchen with integrated stainless steel appliances and a separate laundry.

Upstairs the main bedroom has a full en suite, a balcony and a built-in wardrobe and there is a second bedroom, a second bathroom and a dedicated study nook.

Room for improvement: Install a built-in entertainment cabinet and shelving in the living room.