Many prospective homebuyers are priced out of Sydney. It’s too expensive. This is the prevailing wisdom. It also happens to be less accurate than you might think. A recent report from onthehouse.com.au highlighted how you can make Sydney work on a wide variety of budgets. The trick? Being willing to compromise on lifestyle preferences such as time spent commuting and housing types.
The capital of New South Wales – which holds the reputation of being the most expensive and unaffordable city in Australia – has a median house value of $1,012,368 and a median unit value of $752,625.
The report analysed the data behind distance to the central city and prices to present a list of suburbs that have housing options available for less than the median within 30 kilometres from the city centre. The results were grouped into three divisions: $0 - $500,000, $500,000 - $750,000 and $750,000 - $1 Million.
“It will surprise no one that at every price bracket, Sydney’s units dominate, with a choice of 143 suburbs in which the median value of units is under $1Million. If your heart is set on a house, your options are much more limited, with just 44 suburbs on the list, the vast majority of which were at least 20 kilometres from the city centre,” onthehouse.com.au, spokesperson David Maire said.
According to the study, Sydney suburbs of Lakemba and Wiley Park are the most central and affordable options if a buyer has a budget of below $500K – both areas have a median value for units under $500k and are both within 15kms of the Central Business District (CBD).
If a buyer has at least $500-750k in his or her pocket, a house in Sydney’s main capital region is within reach. However, the closest to the CBD you could get would be approximately 29 kilometres away, with the suburb of Busby coming in with the lowest median value for houses at $675,210.
Finally, in the $750,000 - $1Million price bracket, the closest home you could find is in the suburbs of Eastwood and Greenacre, which is 13 kilometres away the CBD but where you could buy a unit for around $753,850 and a house for $941,759 respectively.
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