The outermost suburbs of the inner west may not seem like particularly good value on paper – compare Five Dock‘s $1.72 million median house price with Newtown‘s $1.57 million, for example. But attend inspections of average properties in those two suburbs and you’ll immediately notice a big difference.

“An average house in a suburb like Concord will be on a 600-square-metre block,” says Joe Murania, agent at LJ Hooker Burwood. “In Newtown, your average property might sit on 150 square metres.”

It’s one reason why young families in particular have begun gravitating towards the so-called “outer inner west” – leafy suburbs such as Burwood, Croydon and Five Dock – when searching for a better lifestyle.

“What becomes important to young professionals once they have kids is better value for money and – crucially – a proper backyard,” Murania says. “In the past few years I’ve seen a definite increase in those sorts of families arriving from suburbs closer to the city.”

Olympic Park and Homebush are other suburbs luring families, with reputable schools and facilities such as the sports and entertainment centre and Sydney International Aquatic Centre in close proximity. Then there’s the parks – including Blaxland Riverside Park, with arguably Sydney’s best play equipment, and the 40-hectare Bicentennial Park in Homebush Bay.

But, according to Murania, there’s a perception among many inner west dwellers – particularly those who may have moved to Sydney in adulthood – that places such as Olympic Park, Abbotsford and Cabarita are hopelessly far away from the CBD. In reality, much of the outer inner west is exceptionally well connected to the inner city.

Sydney Olympic Park is particularly well serviced, which makes sense considering it was designed to host millions during the 2000 Olympic Games. From here, it’s a 30-minute train trip to Central or a 33-minute ferry to Circular Quay. It’s an even shorter commute to Parramatta, and travel times are forecast to lesson when the new light rail opens.

Tucked-away Croydon, with its cutesy shopping village and heritage bungalows, is just one stop past Ashfield on the inner west train line; sleepy Cabarita, on the shores of the Parramatta River, has a wharf where commuters can catch the ferry to Circular Quay – a 35-minute trip. Meanwhile, express trains from Burwood station reach Redfern in 15 minutes.

Access to major shopping hubs adds to the area’s appeal. The Burwood shopping precinct, which is just minutes from Croydon and Concord, boasts a Westfield, a comprehensive range of medical services and a thriving collection of Asian and Mediterranean eateries. Croydon residents can also choose to shop at Ashfield Mall, Homebush locals have access to one of Sydney’s biggest outlet centres, while Concord and Cabarita locals are within a short drive or train ride of the Rhodes redevelopment, which includes a shopping mall and a large IKEA. A selection of top-rated public and private schools, such as PLC Sydney in Croydon, Newington Public School near Olympic Park and St Patrick’s College in Strathfield, provides further incentive for families.

Although the outer inner west has seen an influx of new residents in the past five years – particularly in Burwood, where several large apartment towers have sprung up – it still feels like an area defined by its residential history.

“Value is definitely a driver, but people also tell me they’re moving here because of the sense of community,” says Dib Chidiac, an agent at Raine & Horne Concord and a lifelong resident of the area. “Most of our families have been here for generations. First and foremost, this is a community.”

In Concord, that’s evident at the Italian restaurants where everyone knows each other’s name and in the parklands where retired couples stroll and youngsters kick around footballs. “You walk down the street and you might wave and say hello to 10 or 15 people,” Chidiac says.

At the height of Sydney’s recent housing-market boom, Murania says the outer inner west began attracting significant numbers of investors from the inner city and eastern suburbs, increasing competition. “But in the past 12 or 18 months, a lot of those investors have fallen out of the market,” he continues. “Open-house numbers have dropped and prices have plateaued.”

That means professionals and families who are considering a move to this low-key precinct may find their dream home is within reach.