Sydney continues to be the most expensive capital city to buy a house, with median values having almost doubled since the beginning of 2009, according to a new report by Aussie Home Loans and CoreLogic.
The current median house value across Sydney is $993,202, which is almost $300,000 higher than the median house value in Melbourne and $477,650 higher than the median house value of Brisbane.
There are 12 suburbs across the Sydney metro area with a median house value that is under $500,000, with the most affordable suburbs being located within the Blacktown Council area.
Tregear ($432,282), Willmot ($435,539) and Lethbridge Park ($437,147) show the most affordable median values, with each of these suburbs located roughly 40km from Sydney’s CBD.
Chief Executive Officer of Aussie, Mr James Symond, said “For those buyers looking for a house closer to the city centre, there are two suburbs within 20km of the Sydney CBD with a median house value that is less than $800,000 and 11 suburbs with a median house value under $900,000.
“Granville is the most affordable suburb within 20km of the CBD with a median house value of $766,910”, he added.
Meanwhile buyers looking for a house within 10km of the CBD will generally need at least $1 million to buy the median valued house, with Tempe ($1.15 million) followed by Beaconsfield ($1.16 million) and St Peters ($1.2 million) showing the lowest entry point within 10km of the Sydney CBD.
There are 17 suburbs within 10km of the Sydney CBD with a median house value under $1.5 million. The high cost of housing close to the city centre is proving to be a big challenge to first home buyers, many of whom are opting to look for more affordable housing away from the city, towards the Central and South Coasts.
To view the report, please click here.
For further information: Tim Allerton City PR 0412 715 707