Carrington is a harbourside, inner suburb of Newcastle, NSW approximately 4km to Newcastle CBD. It is within the inner city ring of Newcastle and Ward 1 of Newcastle Council.
Carrington has historically been a suburb of a lower income demographic, though has changed significantly over the past 20 years, gentrifying significantly. Over the turn of 1900 until the 1970s and 1980s, Carrington was predominantly a suburb for the dock hands at the local berths for the coal ships and other local tradesman.
Due to this, most of the housing was built pre-1930 and is predominantly small block miners cottages & attached terrace dwellings. A few larger blocks hold federation and Victorian dwellings.
Lifestyle
Carrington is a suburb of many different characteristics, with a very local village feel; it is a harbourside suburb, close to the CBD and has a lot of open space and local shops but is also fairly quiet.
As with the great open space, many locals can be found walking around in the local streets and parks. Connolly Park is the main sports ground, with Cricket, Soccer, Rugby & AFL all being played regularly. There is also an off leash area for dogs in the north western end of the suburb.
Just to the Throsby Creek side of the Cowper Street Bridge also lies a boat ramp. Many locals who enjoy fishing, kayaking, and sailing enjoy this local area. Throsby Creek is a great protected location where many locals can be seen taking their children out swimming and kayaking, completely protected from the harbour and main water traffic.
Most of the shops lie on Young Street, the main high street of Carrington, though there are a few smaller shops within the warehouse section of the suburb, particularly workout style gyms.
School Zones
Many of the wealthier individuals within Carrington send their children to Newcastle Grammar School, only about 5-10 minutes away or St Pius in Adamstown.
Carrington Public School is one of the oldest Primary Schools in Newcastle and is well rated and located just moments from the main shopping village in Young Street.
Most secondary school students attend either Newcastle High School, in Newcastle or San Clemente High School – San Clemente is a Catholic High School in Mayfield.
Newcastle Junior School, Newcastle Middle School & Newcastle Senior School are all local for students of mild to significant disabilities. They are in Waratah and Hillsborough, about 15 minutes away.
Demographics
Historically, Carrington was a very working class suburb, with much of Newcastle’s lower demographic residing here and in local neighbouring suburbs such as Tighes Hill, Maryville, Islington & Wickham.
Today, however Carrington has gentrified significantly with the median household income increasing significantly from $736, well below the median NSW weekly income in 2006 to $1,766, above the NSW weekly median income in 2021. Carrington is a suburb of mixed ages and residents at different stages of their lives. There are some long term residents who have houses owned for over 40 years. Being very close to the CBD and lifestyle areas as well, there is a significant population of working professionals, young families and also students.
Due to the presence of professionals and higher income earners moving into the suburb, many residents have renovated their places and, in many cases, completed knock down and rebuilds. This is particularly common amongst long term residents and professional couples, who’s LVR’s are quite low in comparison to their property valuations.
Employment
Healthcare including both Medical and Social Services remains the highest employer of residents in Carrington, employing over 50% of the population. Being very close to the CBD, State Government Administration Jobs and Education roles also serve as a key employer.
Many of the younger individuals that reside in the suburb work within the café’s and restaurants that can be found on Young Street and into Newcastle CBD.
A key note is that Carrington has had significant increases in Professionals & Managers moving into the suburb. This pre-2006 was below the state average but now well above the 2021 average and has been a major cause of gentrification.
Transport
Many professional residents of Carrington take the local bus into work in the CBD or simply drive. As it is a fairly spacious, cars are a common method of transport.
For those wanting to have a drink or simply catch public transport, Route 783 is an alternative. Many of the younger individuals who do not drive use this method of transport.
Cycling is also a very common activity in Carrington. As it is only a 10 minute cycle to the CBD this serves as a very efficient environmentally friendly way to travel to work.
Shopping Centre's, Restaurants & Facilities
The main shopping and facility district of Carrington lies on Young Street, close to the Cowper Street intersection.
Café’s, restaurants and other eateries can be found here. Carrington has a great local feel with many very highly rated local pubs and a great local bowling club all lie within about 500m or so. There also are local gyms within the suburb and towards Newcastle CBD.
All specialist care can be found in Newcastle CBD or Calvary Mater Hospital within 10 minutes or so away. There is a local aged care facility to the back end of the suburb.
Development
Carrington is a low density residential area, despite the smaller than average sized blocks. This is largely due to the history of the suburb, housing many of the lower demographic in past times.
Some of the suburb lies in a mixed residential use, and there still remains some industrial sections of the suburb, particularly towards the Hunter River section, where there is many berths that are still in use.
Many of the larger blocks of the suburb are now becoming developed into townhouse developments or subdivided duplexes, with a particularly high level of fixtures and fittings.
There is also a large amount of dwellings owned by professionals that are complete knockdown and rebuilds. This has added a very exclusive local feel to many streets and pockets of the suburb.
Capital Growth
Carrington is one of the best performing markets in Newcastle & New South Wales in terms of capital growth. It has performed at over 9% capital growth year on year on average.
A large reasoning for this is the proximity to the CBD and density of high paying jobs nearby. Some of the more renown streets such as Young Street & Hargrave Street, have beautiful houses amongst wide, tree lined streets. Some of these are of the highest demand in Newcastle. These streets can have capital growth as high as 11% year on year, with 7% coming in closer to the industrial pockets and less desirable streets of the suburb.
There is a small number of units and townhouses in the suburb. Much of this has been developed in recent years, close to Throsby Creek. This has generally averaged between 6-7%.
Cash Flow
Carrington is one of the few suburbs nationwide that provide both capital growth and great cash flow. Houses can average between 3-4% yield depending on the dwelling and location within the suburb. This regularly sees increases over 4%, pre-2010 average rentals were around $350 per week and are now above $600 as of 2023.
Units and townhouses often have yields between 4-5%. This is largely due to a lack of supply but sometimes can have yields of above 5%. The valued characteristic is that the newer dwellings have a higher level of fixtures and fittings which many older established dwellings do not have in the suburb, as many are over 100 years old.
Rental Demand
Carrington is a suburb of mixed residents. Many houses here are home to local families who want a lifestyle close to the CBD without a commute. Vacancy rates generally for houses sit between 1-2% on average in any given year. This is largely due to a higher than average demand, yet little to no extra supply brought to market each year.
Units, sit at a similar vacancy rate, but tend to house everyone from students to professionals to families.
It should be noted that Carrington residents can expect a higher than average rental increase across both houses and units. This is largely due to supply issues and is one of the more difficult suburbs in Newcastle to acquire a rental property.
Why You Require a Buyers Agent in Carrington
Carrington is one of the most in demand locations in Newcastle but has very limited supply at any given time. This causes many auctions and private treaty properties to go well above reserve, sometimes up to 30%.
Flooding is also a key part of Carrington as a suburb, it sits quite low in the Hunter Basin and historically has flooded fairly significantly. It is extremely important to understand which sections of the suburb flood worse than others, as insurance premiums and damage control needs to be factored in.
Supply may be a prospective buyers largest issue with the Carrington market. Some years there are less than 30 properties that sell, averaging 2-3 per month. This means that finding the right supply at the right price is extremely difficult. Having someone in your corner due to these elements is crucial, especially with experience buying in the suburb itself.
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