Overview
Median House Price: $650,000 (RP Data Feb '08)
Median Unit Price: $440,000 (RP Data Feb '08)

Erskineville is less than 5km to the CBD of Sydney, Australia's busiest capital city. It has a mixture of modern units and townhouses and character semi-detached dwellings and cottages, built approximately 100 years ago. It was a typical inner city working class suburb that is undergoing gentrification.

If you have never been to Erskineville, it is similar in many ways to Mile End in Adelaide and Richmond in Melbourne. These suburbs have had less than appealing histories but the character housing, proximity to the city and in more recent times, the shops, cafes and restaurants in the area have made them desirable locations to live in.

Erskineville Rd has many shops and cafes and has a lovely village feel about it.

Erskineville has one public school, Erskineville Primary School and a Catholic primary school. Both of these schools are situated on Swanson St. and near the train station. Erskineville is also home to the South Sydney Rabbitohs, an NRL team which has Russell Crowe as one of its famous members.

Demographics
People – There are approximately 6,600 people that call Erskineville home. Compared to the rest of the nation, it is a suburb that houses a young and single population. This is evidenced by a number of statistics. For example, the differences in the proportion of people aged 25 to 54 years (67.6% to 42.2%), 55 to 64 years (5.5% to 11.0%) and 65 years and over (4.4% to 13.3%). The marital status of the area also highlights the demographic living in Erskineville. The Australian average for married couples in a suburb is 49.6% of the population; in Erskineville it is only 24.2%. The Australian average for people never married is 33.2%; in Erskineville it is 63.2%. People living in Erskineville have a high earning capacity as the median weekly household income is $1,663 whereas the nation wide median is only $1,027[1].

Housing – There are some very striking figures which highlight the type of housing in this suburb, compared to the rest of the country. Only 5.2% of all dwellings are separate houses, which is in stark contrast to the Australian average of 74.8%. The median house block size is only 132 square metres.Most of the dwellings in Erskineville are semi-detached and units. Even though the dwellings are small relative to the rest of the nation, the rent is not. Median weekly rent is $340, compared to the Australian average of $190. More than half of the residents in Erskineville are renters. This may seem out of the ordinary as the rents are so high but the mortgage repayments are even higher and less affordable. Only 10.3% own their home outright, compared to the national average of 32.6%[2].

Why you should buy here
üIt is very close to the city. To be less than 5km from the centre of one of the world's truly global cities is very appealing, especially if you work in the city.

üIt is attractive to young professional workers who earn a relatively high income and can afford to pay the high rents in the area.

üIt is serviced by two train lines and is only 2 stops from Central Station, one of the major stations in the city.

üThe University of Sydney and Royal Prince Alfred Hospital are very close to Erskineville. If you are looking to invest in this area, there are good opportunities to rent your property as student accommodation and increase your cash flow. Alternatively, you have a large pool of potential tenants in the form of medical and para-medical employees working in the hospital who wish to live close to their place of employment.

üProposed underground toll roads will bring Erskineville even closer to the city.

Areas to focus on
Pleasant Ave, as the name would suggest, is one of the best streets in Erskineville and therefore, one of the most expensive. More affordable streets to concentrate on include Bray, Devine and Knight Streets. Proximity to Erskineville Rd is appealing due to the cafes and eateries along this strip.

Areas to avoid
The area between Coulson St and Sydney Park Roads are best left alone as it is adjacent the Ashmore Industrial Estate. Avoid this south eastern pocket and also buying opposite the train line.

[1]www.abs.gov.au

[2]www.abs.gov.au

Disclaimer: Please be advised that this segment is intended to provide a brief summary on various Australian suburbs. It should not be taken as a recommendation to invest in any specific area and we advise investors reading this feature to always seek professional advice before committing to a property investment in any given area.

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