Waterloo Suburb Review

Practical and well-located, yet redevelopments make for an uncertain future.

Summary: Centrally located and with a diverse mix of people, industry and commerce, Waterloo is fairly well-balanced, yet doesn’t stand out in any one area other than its physical position. Its connectivity and proximity to Sydney city is a major plus, yet it does not boast any outstanding features that would set it aside as a place to live compared to a number of the suburbs which surround it. Traffic and infrastructure issues are a factor, and there are portions of the suburb which remain a little dodgy, although it offers easy access to some good public spaces nearby.

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While “Mate, you simply HAVE to visit Waterloo!” is probably a phrase that no Aussie has ever uttered in our country’s history, there’s still enough going for this little inner-south suburb to make it worth at least considering as a place to live.

It’s also a suburb in flux, as massive redevelopments are almost certain to change its face, demographics, and quality of life in the coming years.

It’s still not entirely gentrified and retains some of its original grit; you’re far more likely to see a Mazda than a Mercedes on the roads here compared to, say, the “new money” feel of neighbouring and modern-slash-bland Zetland.

Waterloo benefits first and foremost by its position more than anything else.

It’s not quite “city-city” yet Central Station is only a 20-ish minute walk away, and is incredibly central in general to a range of different environments nearby – whether you want parkland, nightlife, or work. Green Square Station is also within a reasonable walk depending on which side of the suburb you live, and it’s quite a bike-able suburb in general for those willing to cycle.

A Suburb in Flux

Waterloo is similar to Alexandria in that it’s undergone a shift from previously mostly industrial to more of a residential mix; however Waterloo is tends to be a little more oriented around apartment blocks and high-density with fewer terraces in total.

There’s still a smattering of those signature Sydney older, red-brick apartment buildings throughout, however parts of the suburb are currently receiving the “Meriton treatment” with the addition of generic modern highrises to change its face as part of the larger Green Square project.

Waterloo still feels like an older area that’s having a fresh coat of paint slapped on top, rather than being rebuilt from the ground-up in the vein of Zetland and the like.

Waterloo’s streets are heavily trafficked, and parking is scarce

There’s still a few slightly dodgy social housing areas towards the Redfern end of Waterloo, however it’s become quite safe in general and the vibe remains somewhat friendly.

Its recent influx of more younger professionals has brought with it a revitalisation of its cafe and small-sale dining scene, too, and now there’s a fair few more decent options around for grabbing a quality bite to eat in Waterloo than ever before.

It’s also diversified more in terms of cuisines in recent years, with a range of Asian restaurants such as Thai, Korean and Chinese all adding to its standard fare.

Add in Allianz Stadium nearby for sporting events as well as proximity to the race course, and there’s just enough activities on offer to keep Waterloo interesting.

“Waterloo still feels like an older area that’s having a fresh coat of paint slapped on top, rather than being rebuilt from the ground-up in the vein of Zetland and the like.”

While Waterloo’s streetscape is a little bland and there’s the occasional rundown warehouse or storefront, it’s still dotted with a surprisingly high number of nice pockets of greenery throughout.

Walk down any Waterloo back street, and you may stumble across a pleasant little micro-park for a dose of refreshment. For larger-scale outdoor space, the expansive Moore Park is just a stone’s throw away as well.

Waterloo thus serves as a (slightly) more affordable alternative for urban living compared to say, Surry Hills, without sacrificing much in terms of access to amenities. While it’s still not “cheap”, apartments here fall within a more reasonable price bracket to these handful of suburbs only slightly closer to Sydney city.

You won’t find much available in terms of freestanding housing availability, so your options will be either high-density living or grabbing one of the rare terraces that pop up on the market only occasionally.

All this development happening in and around Waterloo might be great for modern conveniences, but it’s also another layer on top of the black mark of traffic congestion that the area suffers.

Those looking to move to the area need to keep in mind the massive amount of growth that’s set to take place here in the coming years, as it’ll become an extremely high-density population area as a result of planning and development schemes.

If you’re considering living here, it may really be worth pondering whether or not you can exist without a car. Its traffic issues are already terrible, and given the suburb’s convenient position, your life will be a lot easier – particularly with the addition of the Metro providing additional connectivity.

This influx of additional residents may also effect its demand for schools and other public services disproportionately to its growth – as a result, it’s probably best suited more for younger couples and professionals than larger families, at least for the time being until these projects play out.

The Verdict

Waterloo is currently in a bit of a difficult position to assess, as it and its neighbouring areas are set to change radically over the coming years. While in theory its location makes it ideally balanced to cater to many lifestyles, its lack of low-density housing can hamper things for both those with pets and bigger families.

Its road situation remains a major concern, which will either play a major factor in your decision – or not be one at all. Adopt the “European-style” of urban living and walk, cycle, or take the train/metro everywhere, and you’ll reap all the benefits Waterloo’s location offers; stick to a reliance on a car on a daily basis, and it may be an exercise in frustration.

If you’ve been looking at Surry Hills, Darlinghurst or even Redfern as suburbs you think would suit your tastes but the pricetag makes them a no-go, Waterloo is well worth considering as an alternative.

While you may want to rent rather than buy for the time being, there’s enough benefits to living here to make daily life exceptionally convenient unless you work in distant locations such as the Western Suburbs or the upper North Shore.