Sydney top 5 most affordable suburbs.
It’s no secret that Sydney’s housing market is booming. Across Australia, more homes are being built than ever before, and Sydney housing prices were up more than 13 per cent during the first half of the year. Needless to say, those who already have equity in the market are delighted. But for those who are still looking to purchase an affordable home in Sydney, the dynamic is slightly different.
As property prices steadily rise, some would-be buyers are finding themselves priced out of neighbourhoods where they were hoping to live. This has left many unsure of where to focus in their search for a new home in Sydney.
With that in mind, we’re going to shine a spotlight on a few of Sydney’s most affordable suburbs:
As a general rule, median property prices are highest in suburbs with the most convenient access to the CBD. This is what makes Newton such a stand-out option. This is the only suburb within 5 km of the city centre where the median price for an apartment is under $700,000 (in this case, around $620,000).
Located within 10 km of the CBD, Eastlakes is surprisingly affordable. The median home price is around $580,000, which is surprisingly low given Eastlakes’ proximity to the city centre. This is a relatively small suburb, but you can easily spend $100,000 less here than you would on a similar property down the road. Many real estate experts are keeping an eye on Eastlakes, as it’s almost certain to become one of the next major hot spots for investors in the coming years.
Croydon Park has excellent telecommunications coverage – both in terms of mobile signal and internet. However, it comes up lacking in terms of road congestion and the availability of local retailers. This keeps property prices lower. As a result, the median price for units in Croydon Park is about $435,000 – not bad for a suburb that’s only 12 km from the CBD.
Located along the Bankstown train line, Lakemba and the communities around it represent one of the last great investment opportunities within 20 km of Sydney’s CBD. There are plans to convert this commuter rail to a metro rail, and other infrastructure projects are also on the agenda for this area. The median price for units here is just over $400,000, but this is almost certain to increase once those new investments are under way.
This suburb is notable because homes here are significantly more affordable than those in the surrounding suburbs. This means that there will likely be a ‘catch-up’ period for Regents Park in the near future. For that reason, investors are keeping a close eye on this suburb and snatching up suitable properties when they appear on the market.
Whether you’re a first-time buyer or a seasoned property investor in Sydney, ACA Mortgage Solution can help you with financing the property. Our home loan experts will consult more than 40 mortgage providers and hundreds of home-loan options to find you the best deals. Contact us today to learn more.