Morrissey Road, Erskenville, offers smart terrace living

16 Morrissey Road, Erskineville
About $1 million
2 bedrooms, 1 bathrooms, 0 car spaces
Built 1890s; renovated 2007
Land 76 square metres
Inspect Sat, 10am-10.40am; Thu, 11.30am-noon
Auction July 18
Agent First National Spencer & Servi, 0412 485 485
More photos: Domain.com.au

Morphing from a working-class suburb, home to brick makers, boot makers and hat manufacturers into a coveted inner-west hotspot populated by students, white collar professionals and young families, Erskineville is a village in the true sense of the word.

Tucked into a pocket south of bustling Newtown, the suburb is currently home to around 7,000 people in a mix of terraces, semis and apartments distributed through a handful of narrow, leafy streets.

But resident numbers will soon swell with the ongoing development of the Ashmore Precinct.

A former industrial site of around 17 hectares bounded by Ashmore Street, Mitchell Road, Coulson Street and the Bankstown railway line, the precinct will eventually be home to more than 6,000 new residents across 40 buildings and 3,500 apartments.

City of Sydney area planning manager Andrew Rees says with planning controls finalised, development applications can now be assessed with decisions on a number of projects expected to be made over the coming months.

With multiple land owners the development of the precinct will take place over a number of years. One project, Erko by Leighton Properties and LaSalle Investment Management, is already nearing completion and its 302 apartments and 16 terraces have proven popular with buyers.

A second project, Eve, by Fridcorp is under construction with completion of the 198 apartments due later this year.

The precinct’s development is expected to bolster prices for Erskineville’s existing housing stock.

“It can only be a positive for the housing market, improving demand,” says First National Spencer & Servi agent Martine Dippre, who has listed this neat terrace a short, level walk to the station and less than 10 minutes walk from Newtown Station and King Street amenities.

Freshly painted and with brand new carpet, the property offers low-maintenance living with broad appeal to owner-occupiers, downsizers and investors.

The adjoining living and dining rooms are at the front of the house and have polished floorboards and picture rails. A galley-style kitchen has stone benchtops, a dishwasher, a freestanding oven with gas cooktop and a tiled splashback.

It leads out to a picturesque east-facing courtyard with a tiled outdoor dining area and a pergola.

An open tread timber stairwell leads upstairs where you’ll find two carpeted bedrooms, each with an air-conditioning unit and one with built-in storage.

The owner says: “It’s been a good earner from an investment perspective, I’ve never had any issues renting it out because the location is brilliant. It’s only a minute’s walk to the station and the village shops.”

Room for improvement: Add a built-in storage cabinet under the stairwell.

Need to know:
Last traded for $720,000 in 2010
Highest recorded house price in Erskineville (past 12 months): $2.05 million for 1a Macdonald Street in November 2014
Median price for houses $1.09 million

Recent sales:
$1,186,000 for 36 Morrissey Street in May 2015
$1.1 million for 32 Swanson Street in August 2014
$1 million for 54 Rochford Street in October 2014
Source: Domain Group, 1800 817 616

Surrounding area:
Erskineville is still undergoing gentrification, with its stock of workers’ cottages and terraces keenly sought and house prices rising nearly 12 per cent over the past 12 months, bringing the median price over the magic $1 million mark. Entry level for a house is now around $750,000, with prices ranging up to $2 million.
Serviced by train and bus.
Close to hip and happening Newtown, where you’ll find a huge array of restaurants, cafes, pubs, wine bars and an always-interesting selection of retail offerings, Erskineville also borders the green expanse of Sydney Park and is only five kilometres from the city centre.