But in the small residential suburb of Centennial Park, which hugs the western border of the park itself, apartments can still be snapped up for the price of an inner-city car space.

According to agents, that's partly because many Sydneysiders don't even know the suburb exists, or assume that its streets are part of nearby Paddington.

"It flies under the radar," says Nicholas Armstrong-Smith, director of Century 21 Armstrong-Smith. "Quite a few people will begin their search in Paddington or Woollahra, or even Bondi Junction, and subsequently discover the suburb of Centennial Park."

Once they learn about the small suburb many jaded Sydney property hunters are pleasantly surprised.

Since 2014, 11 apartments in Centennial Park sold for less than $400,000, most of them along the suburb's main street, Cook Road. The cheapest unit to sell in 2017 was $390,000, according to Domain data. In 2016, a Cook Road unit sold for $372,000.

The suburb was originally part of the park itself, but was zoned for residential development in 1904. Lang Road, along the park's western border, features mansions that were built in those early years, many of which now sell for more than $10 million.

But the streets behind Lang Road were largely undeveloped until the 1970s, when a cluster of fairly basic apartment towers was built along Cook Road.

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A large proportion of the stock in these towers is studios and one-bedrooms, and many of the apartments are small by Sydney standards.

Their diminutive proportions help explain the low sale prices some of these studios fetch. Many financial institutions are unwilling to issue mortgages for properties that are smaller than 40 square metres, which limits the number of first-home-buyers who can buy tiny studios in Centennial Park.

But Armstrong-Smith says Cook Road's better stock remains competitively priced, too.

"You can still get a good one-bedroom with a nice view and a car space for around $550k, whereas you'd be paying more on the other side of the park in Bondi Junction, and certainly more in Paddington or Woollahra," he says.

According to Armstrong-Smith, many residents of Centennial Park are renters attracted by the suburb's proximity to the shops and restaurants of Oxford Street, the exclusive atmosphere of Woollahra and the extensive amenities at Bondi Junction - all of which are less than 15 minutes' walk away.

Retired teacher Stephen Kelly, who bought a studio in the Tongarra building on Cook Road in 1973 as an investment, recognised the convenience of the location even then.

"The much-maligned Sydney transport system has always been pretty good around Centennial Park," he says. "There's such easy access to Oxford Street from Cook Road, and once you're on Oxford Street the run up to Bondi or down to the city is simple, either driving or on the bus."

Today, Kelly owns four properties on Cook Road, all of which he rents out. He says the suburb has attracted more families in recent years as other parts of the eastern suburbs have become unaffordable to young professionals.

"Surprisingly, there are people in the apartment blocks now with children," he says. "Even 10 years ago, that wasn't happening."

But many long-term tenants remain. Kelly says one woman has rented an apartment of his for more than 30 years. "I want no headaches and good solid tenants," he says, "and this area attracts a very high standard of tenant. Over 40 years, I've only had a couple of troublesome tenants."

Alex Choulman, an IT professional, also owns properties on Cook Road that he rents out. "They're old properties along the street, which means they're relatively cheap to buy, but they're in reasonable condition," he says. "Spend $10,000 or $15,000 on a small renovation and they're ready to rent."

While both Kelly and Choulman say they're attaining good rental yields, they admit headwinds are affecting the market.

"Demand for my rentals is quite high but I must admit that it's not as good as it was," says Choulman. "I think that's a reflection of the number of units that have been recently built in the east."

He adds: "The Sydney market has cooled down. Everyone knows this."

Armstrong-Smith describes the sales market in Centennial Park as stable. "There's always a steady flow of apartments for sale in Cook Road, but there's also always demand," he says.

According to Domain data, the median price for an apartment in Centennial Park rose 12.1 per cent in the past 12 months.

But Choulman reckons the enclave may come into developers' sights and heat up more ahead of the next housing boom. "A developer may come to Cook Road and start offering to buy whole buildings in order to knock them down and build new structures - the same as what happened in Bondi Junction," he speculates.

"The prices offered for each apartment in a scenario like that would obviously be a higher than the current market price."

*The article originally stated that 17 studio apartments sold for less than $300,000 in Centennial Park in 2017, which was incorrect.