‘Still a bit of a secret’: Underrated Sydney suburbs offering better value

Sydney is full of suburbs with big reputations and eye-watering property prices, but alongside the extroverts are secret spots with a winning mix of amenities, connectivity and relative affordability.

With budgets a hot topic after last week’s interest rate hike and the cost of living crunch, we asked three Sydney agents to nominate next-door-neighbour suburbs they think are great value.

Inner west: Forest Lodge

Wedged between Glebe and Annandale, low-key Forest Lodge is a “sleeping giant,” says James Cahill, agent at Belle Property Glebe.

“Although homes there are becoming more sought-after, prices haven’t increased at the same rate as in Annandale or Glebe.”

Forest Lodge abuts Glebe Foreshore Parks and the Tramsheds precinct on its northern border, giving residents access to shopping, dining options and the harbour.

The suburb, almost entirely residential, is characterised by rows of Victorian-era terraces and medium-sized mid-century apartment blocks. Forest Lodge’s median house value is $2.38 million on Cotality data, below Glebe ($2.62 million) and Annandale ($2.53 million).

“Forest Lodge offers proximity to the cafes and waterfront of Glebe and the village atmosphere of Booth Street in Annandale, without the same level of exposure,” says Cahill.

“It’s just a much quieter pocket of the inner west.”

Cahill says many buyers in Forest Lodge are owner-occupiers seeking easy access to the city, Sydney University or the Royal Prince Alfred Hospital.

In January, Cahill sold a two-bedroom apartment with parking in the suburb for $960,000.

“The interested parties were mostly young families looking to upsize from elsewhere in the inner west,” he says.

The apartment sold to new parents who planned to enrol their child at a local school.

Nearby, Cahill sold a one-bedroom unit with parking for $715,000 in February.

“The buyer was a young professional who had been living with her parents in the eastern suburbs,” he says.

“The sale was driven by her buyer’s agent, who saw exceptional value in Forest Lodge as a suburb. For a young professional working in the city, it’s hard to beat.”

Lower north shore: Kurraba Point

Compact Kurraba Point was once part of Neutral Bay, but a campaign by residents had it gazetted as an independent suburb in 2010.

Lorinda Mansfield, agent at Raine & Horne Lower North Shore, says the enclave attracts owner-occupiers who value privacy, peace and boutique apartment stock.

“It is a bit of a distance from the Neutral Bay and Cremorne villages, so we tend to see buyers who want to be separated from the busy-ness of those areas.”

Historic apartments dominate the tightly held peninsula – and because the suburb is only two streets wide, most units have water views.

Proximity to the Cremorne Reserve foreshore walk and the ferry service at Neutral Bay Wharf further enhance Kurraba Point’s harbourside appeal.

But Mansfield says property can be significantly cheaper than in nearby Mosman.

In August, Mansfield sold a Kurraba Point studio with parking, in a complex with a pool, to an owner-occupier for $675,000.

The previous month, another studio in the same building fetched $550,000.

Mansfield says studios in the suburb are scarce. “But when they do list, they can sell at a slightly cheaper price than studios in, say, Kirribilli, because you’re a little bit more removed.”

Mansfield says apartment buildings are starting to be redeveloped as developers capitalise on Kurraba Point’s appeal.

“For now, though, it’s still a bit of a secret.”

Northern beaches: Manly Vale

North-west of Manly, separated from its neighbour by a golf course, lies Manly Vale: a quiet neighbourhood with residential streets and greenery, median house value $3.12 million.

Anita Wildash, agent at Cunninghams Real Estate, says budgets stretch further here than in Manly (median $4.77 million) or nearby Fairlight ($4.16 million).

“Once you leave Manly proper, you get a lot more bang for your buck. Land sizes are often bigger, and so are the properties on them.”

Recent new retail development has enhanced Manly Vale’s appeal.

“Manly Vale Public School has had a major revamp and a lot of funding thrown at it by the government, too,” says Wildash. “Now, a lot of young families are moving to the area so they can be in that school catchment.”

In December, Wildash sold a five-bedroom house with a pool on a large rear-to-north block in Manly Vale for $3.6 million.

“It sold to a family that lived in a neighbouring suburb and were looking for an upsize,” she says.

“The people competing with them were also young families.”

Wildash says the largest, best-kept homes in Manly Vale are just starting to crack the $4 million mark.

“There is a lot of opportunity for buyers. And you’re still only a seven-minute drive from the beach.”