When exploring suburbs in Sydney’s Inner West, Five Dock may not always be the most obvious choice but we think there are many reasons that might put Five Dock at the top of your list. This suburb packs lifestyle, convenience, and value for money, all a short throw from Sydney’s CBD. Here are 5 reasons to love Five Dock:
Culture
Five Dock is a multicultural suburb which benefits from a significant Italian influence. Many Italian immigrants settled in Five Dock around the 1950’s. Today this influence is still noticeably prevalent with a strong cafe and food scene along Great North Road, a vibrant neighbourhood and cultural events including the Ferragosto Street Festival. Five Dock is also home to various art galleries and creative community spaces.
Price growth
Five Dock has experienced significant capital growth. With a median price of $1.795M in the period between June 2017 – June 2018, houses in Five Dock have grown to a median house price of $2.353M based on house sales from May 2022 – May 2023 according to the REA Group. And looking at 2-bedroom units, the median price of $882,500 in the period between June 2017 – June 2018 has now grown to a median unit price of $978,000 based on unit sales from May 2022 – May 2023. The demand for Five Dock property is also reflected in the number of serious buyers looking in the suburb. In the past month alone (June 2023), there were 1685 serious buyers looking to buy a house in Five Dock.
Transport
Five Dock already benefits from being within 10km from the Sydney CBD. With the planned Five Dock Metro station due to open by 2030, Five Dock will be that much more convenient and accessible to and from the city.
Asking local agent and Director of Stone Five Dock about Five Dock’s appeal, Christian Leung says he is noticing a lot more buyers turn to Five Dock as a popular suburb to live because of the planned Metro. Prior to the announcement of the Metro, Five Dock was considered reasonably close to the city but a lack of public transport options limited its appeal. Now the new Metro coupled with City West Link and WestConnex upgrades, have significantly improved Five Dock’s long term attraction to Inner West buyers. Christian has even noticed the increased connectivity is attracting more buyers who work in the city but want to be close to family living in the Western suburbs.
Lifestyle
Five Dock boasts a waterfront lifestyle along the Parramatta River including the Bay Run, one of Sydney’s most scenic walking tracks. It attracts both locals and visitors to enjoy water sports and outdoor activities.
Christian Leung says he has noticed a demographic shift towards younger families moving to Five Dock, as well as a big shift in buyers moving from the Eastern suburbs and the Lower North Shore. Christian says buyers who want the water side lifestyle are realising they can achieve this dream in Five Dock without compromising on lifestyle.
Value for money
The Inner West is becoming increasingly popular for home buyers and investors looking for proximity to the CBD, lifestyle, amenities, character, and community. Five Dock ticks these boxes and while prices are by no means cheap, house and apartment prices compared to other inner city suburbs are more affordable.
Since the onset of Covid, there has been an influx of buyers from premium Inner West suburbs such as Balmain, Lilyfield, and Leichhardt. With the shift towards working from home and the premium placed on space, buyers can trade a 3 bedroom, no parking, 150sqm property for example for a 3+ bedroom property with additional living space, off-street parking and yard space only a few suburbs further west. But the value proposition has started changing and buyers with a long-term view are starting to buy into the suburb now to capitalise on the gains of the planned Metro.
Five Dock has always been loved for its community and lifestyle and with the revitalisation of the suburb including improvements along Great North Road and local parklands instigated by Canada Bay Council, Five Dock will only increase in popularity. And for similar reasons, the surrounding suburbs of Wareemba, Abbotsford, Russell Lea and Rodd Point are also gaining appeal.
If you are considering Five Dock or one of its neighbouring suburbs as a place to live or invest, we can help you find the right property. We are specialists across the Inner City markets and if you need help with your next property purchase, please reach out to Nick Viner on 0405 134 645.
