Sydney rental prices have sky-rocketed in the heart of Indigenous Australia.
Tara Callinan

13 Jan 2014 - 5:09 PM  UPDATED 13 Jan 2014 - 6:33 PM

Not long ago, parts of the inner-city Sydney suburb of Redfern were considered an unattractive urban ghetto where few people desired to live.

But the area has undergone a transformation to attract young professionals and university students looking to rent in such a prime location.

Terrace houses in Eveleigh Street are now going for up to $1200 per week.

Real estate agent Michael Katsiambirtas said these prices are reflective of Redfern's popular location in the heart of Sydney.

"Many years ago as it wasn't a place to be, it had a lot of crime, a lot of stories and there was a stigma to Redfern, specifically Eveleigh Street," he said.

But the changing demographic had led to a loss of Indigenous culture.

"Five, six years ago you could say there was an Indigenous presence on Eveleigh Street; kids playing out, especially the boxing club. But now to be honest I think you could say it's died down a bit," Mr Katsiambirtas said.

CEO of the Aboriginal Housing Company, Mick Mundine, disagreed. he said the redevelopment of Redfern has not been detrimental to Aboriginal culture.

"I think it's really up to us as Aboriginal people to make sure that we keep the Indigenous side of things here," he said.

Mr Mundine currently heads a project aimed towards housing 62 Aboriginal families in Redfern.

Construction for the project is expected to start early this year.