Stanmore is on the rise

“Rising prices in more expensive inner-west suburbs such as Annandale are driving more and more buyers to look for homes in Stanmore,” says a McGrath Inner West agent, Michael Glynn.

“Stanmore is well serviced by public transport and this is a very attractive feature for people working in the city and also for families with children travelling to school in other suburbs.”

Australian Property Monitors data shows that 49 Stanmore houses have traded this year (29 at auction, 20 by private treaty), with an auction clearance rate of 78 per cent. Of the total number of sales, 85 per cent were less than $1.2 million.

This year’s highest price is $2,225,000 for a six-bedroom house on a 424-square-metre block in Myrtle Street that sold in March.

People move here because

Stanmore’s Victorian and Federation houses (three-storey mansions to semis and cottages) are cheaper than similar homes in other inner-west suburbs.

Only six kilometres from the central business district, it has village shops, a Victorian-era primary school and the private boys’ school, Newington College.

Price range

Houses from about $700,000 to about $1.8 million.

Best addresses

Cavendish, Merchant, Bruce and Temple streets.

The prospects

The economist at Australian Property Monitors, Matthew Bell, says: “House prices rose by nearly 20 per cent in the past 12 months, well above the overall Sydney rise of 15 per cent … The median house price is currently $877,000, well above the Sydney median, which should insulate it from some of the effects of the recent rate rises.”

Where else you might try

Lilyfield

Hasn’t had as strong price growth as Stanmore over the past year, so likely to perform better during the rest of 2010.

Marrickville

The next suburb south, with median price about the same level, although historically has been $100,000 less expensive.