I am a Health Professional and International University lecturer who has very happily lived in Waterloo for 18 years. I have loved the wonderful cultural creativity and diversity all around us here, along with the fantastic restaurants, cafes and shopping centres, the closeness to 3 different HIGHLY RESPECTED Universities: Sydney Uni, UTS & UNSW as well as Taylor's College for University preparation and several International Language Colleges, as well as being 15 minutes to Bondi Beach via bus ride! Two railway stations are nearby making a few minutes of travel into the city CBD.
I have NEVER had any air noise problems at all, especially in Cope Street, Waterloo.
I have also been informed that Government Housing is apparently being PHASED OUT over the next few years and more and more government land is gradually becoming private, even though large areas will be preserved for parks, cultural and community facilities. A RAPID RAIL - UNDERGROUND STATION has been proposed and geo-technically investigated by NSW State Rail to be built in COPE STREET or WELLINGTON STREET, WATERLOO and this will apparently be announced before Christmas 2015. I have been informed by Town Planners and Valuers that if this goes Underground Station goes ahead, the land value in these streets is likely to sky - rocket and certain properties will possibly have their zoning jump from the current MEDIUM to HIGH DENSITY ALLOWANCES. An excellent area to invest in!