These Are Sydney's Most Affordable Suburbs

Australia’s cooling housing market has failed to make a meaningful dent in housing affordability.

Despite dwelling price falls of 9.7 per cent for the 12 months to January according to Corelogic, recent results reported in Demographia’s annual international housing affordability survey, still show Sydney as the world’s second least affordable market.

With these price adjustments at the fore, affordability may appear to improve slightly.

But low wages growth combined with the recent lending restrictions, create an environment difficult for first home buyers to take that initial step onto the property ladder.

So, armed with dwelling data crunched by Domain, and enlisting the aid of Sydney buyers agent and chief executive, Rich Harvey of propertybuyer.com.au, we explore Sydney’s most affordable suburb options at 10 kilometres, 20 kilometres and 30 kilometres from the CBD.

Related: Why Falling House Prices Do Less to Improve Affordability Than You Might Think

Under 10 kilometres: Sydney

SuburbMedian Sale PriceDistance to CBDDwelling TypeCity Region
Hillsdale $620,000 9.5 UnitCity and East
Newtown $650,000 4.3 UnitInner West
Ashfield $690,000 8.0 UnitInner West
Canterbury $690,000 9.9 UnitCanterbury Bankstown
Arncliffe $695,500 9.7 UnitSouth
Petersham $1,310 m 5.8 HouseInner West
Erskineville $1,315 m 4.3 HouseInner West
Botany $1,317 m 8.9 HouseCity and East
Marrickville $1,320 m 6.9 HouseInner West
Leichhardt $1,322 m 5.3 HouseInner West

Harvey says Erskineville is one of his favourite inner-west suburbs, holding potential.

“It’s a small enclave suburb with lots of terraces ripe for renovation and scope for further residential development but doesn’t have the high rise density issues of Zetland,” he says.

“It has its own train station and great cafes and speciality shops.

“With a current median price of $1.315m it is well positioned next trendy Newtown and gentrifying Alexandria for further growth.”

Domain's median sale price is based on transactions 12 months to December.

Related: Sydney, Melbourne and Brisbane's Property Markets: 2018

At 4.3 kilometres from Sydney's CBD Domain data shows the median sale price for Erskineville is $1,315 million.
At 4.3 kilometres from Sydney's CBD Domain data shows the median sale price for Erskineville is $1,315 million.

10 - 20 kilometres: Sydney

SuburbMedianDistance to CBDDwelling TypeCity Region
Lakemba $417,000 13.5UnitCanterbury Bankstown
Punchbowl $445,000 16.0 UnitCanterbury Bankstown
Wiley Park $455,000 14.5 UnitCanterbury Bankstown
Granville $465,000 18.9 UnitWest
Harris Park $482,000 19.0UnitWest
Bass Hill $815,000 20.0 HouseCanterbury
Chester Hill$818,000 19.4 HouseCanterbury Bankstown
Yagoona $820,000 17.9 HouseCanterbury Bankstown
Auburn $855,500 17.0 HouseWest
Condell Park $875,000 19.3 HouseCanterbury Bankstown

Harris Park has a median unit price of $482,000 putting it well within reach of many first home buyers.

“Located just one train stop before Parramatta it’s positioned for further growth with improving infrastructure in surrounding areas and with the light rail construction,” Harvey said.

“The nearby Westmead Hospital and Children’s hospital and medical precinct is a very strong driver of employment with a forecast of 50,000 more jobs over the next decade. Parramatta Westfield and CBD are also within easy reach.”

20 -30 kilometres : Sydney

SuburbMedianDistance to CBDDwelling TypeCity Region
Cabramatta $420,000 25.7 UnitSouth West
Fairfield $425,000 23.7 UnitSouth West
Liverpool $447,500 27.8 UnitSouth West
Warwick Farm $450,000 25.6 UnitSouth West
Guildford $460,000 20.2 UnitWest
Lalor Park $655,000 28.4 HouseWest
Pritchard $677,500 28.5 HouseSouth West
Lurnea $685,000 29.8 HouseSouth West
Liverpool $697,000 27.8 HouseSouth West
Cabramatta $700,000 25.7 HouseSouth West

“Lalor Park is a suburb I have picked before as holding excellent affordability and growth prospects,” Harvey said.

“While parts of Western Sydney have come back in line with market sentiment, Lalor Park with a median house price of $655.000 is likely to have solid potential for both investors and home buyers looking for affordable entry point.”

Harvey says the local employment precincts include Norwest Business Park and Blacktown hospital and town centre.

“For public transport, there is easy access via the M7 and soon to be completed Metro-North station at Bella Vista with trains to the city every four minutes.”


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Article originally posted at: https://www.theurbandeveloper.com/articles/sydneys-most-affordable-suburbs-domain