The Two Best Sydney Suburbs for Lower Budgets
Entering the property market as a first-time buyer is hard for Australians, and it’s only getting harder. Property prices are rising, and jobs are getting tougher to lock down.
The median house price in most of Sydney is in the seven-figure arena. But the average Aussie salary is under a tenth of that amount (BEFORE tax). As time goes on, this gap will only increase.
But things aren’t all doom and gloom for future property owners desperate to own their first home. Many first home buyers these days get in by observing property trends and capitalising on value-for-money opportunities in lower-priced suburbs. After all, you don’t have to LIVE in your first property.
So although a large majority of Sydney’s properties are in the aforementioned seven-figure arena, there are a couple of places you might want to focus your attention if you’re looking for a less pricey way in.
According to CoreLogic RP Data, Sydenham still has a six figure median house price, sitting at $927,500.
But even though it’s a six-figure amount, it’s still an increase of 11.4% over the 12 months leading up to November 2015. It won’t be long before Sydenham finds itself in the seven-figure median house price category too.
The aspiring property owner would do well to keep a watchful eye over the area. Homes are rarely up for sale because, as William Pereira from Raine & Horne Marrickville points out, “It’s very tightly held. People who live there have been there for a long time.”
“It’s not the most desirable suburb but for value for money it’s unbelievable,” Pereira says.
Homebush West is similar to Sydenham in many ways. Like Sydenham, houses rarely come up for sale in this area. But it’s considered an affordable alternative to suburbs like Strathfield.
For the most part, apartments make up the property market in this area. There are houses as well, some for less than a million, but they’re generally unrenovated and/or located on busier roads.
Homebush West garners interest from aspiring property owners because there is school and facility access, despite the lower-than-average price.
Of course, a well-managed and affordable mortgage package makes locking down your first property easier as well.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.