A joint study by Aussie Home Loans and CoreLogic has revealed the most affordable suburbs across the greater Sydney region, with the Central Coast and Blacktown areas dominating the top 20.
Topping the list with the most affordable houses is San Remo with a median value of $422,557, followed by three other suburbs on the Central Coast – Gorokan ($428,111), Charmhaven ($434,566) and Budgewoi ($435,753). Sydney’s cheapest suburbs for units are more geographically dispersed, with suburbs on the Central Coast still dominating the top 20, along with Fairfield and Campbelltown.
CEO of Aussie, James Symond said “With the exception of units in Vineyard, all of the suburbs in the top 20 declined in value over the last year, however they recorded substantial value growth of 62 per cent or higher over the last decade.
“We are seeing a migration to the Central Coast of young families seeking more affordable housing, which is unsurprising given our report shows that the lowest median house value within 10 kilometres of Sydney CBD cracks the million dollar mark at Turrella,” said Mr Symond.
The most affordable suburb for apartments within 10km of the CBD is Eastlakes, where the typical unit costs $558,791 and the median value has grown 94.9 per cent over the last decade.
“These figures clearly show that real estate remains a very strong long-term asset, despite short-term cyclical price changes,” he added.
Within 20kms of the CBD, the most affordable suburb for houses is Granville with a median value of $647,781, while the Canterbury-Bankstown suburb of Lakemba is most affordable for units with a median value of $391,924.
Mr Symond said “Both Granville and Lakemba have shown extraordinary growth over the last 10 years, with Granville house prices up 81.3 per cent and Lakemba units up 93.2 per cent, graphic evidence of the huge equity Sydney property owners have built up.
“There is no doubt distance from our capital city CBD is a major factor in property prices, however the development of new CBDs like Parramatta and transport and infrastructure upgrades will likely change the dynamic of the Sydney housing market in future. Property buyers should be looking at opportunities in the new commercial hubs like Parramatta and new transport links to suburbs via the Metro,” he said.
“If you’re saving up to buy your first home or investment property, now’s a great time to speak with an Aussie Broker. Despite Sydney’s record growth in recent years, our report reveals some quality affordable housing in suburbs across the city. Coupled with today’s record low interest rates, buying a property could be more achievable than you know,” said Mr Symond.
All customers who attend a free appointment with an Aussie Broker before 30 April 2019 will go in the draw to win $15,000*. To view the full Aussie/CoreLogic Most Affordable Suburbs report, visit www.aussie.com.au/mostaffordablesuburbs or contact an Aussie Broker for your free copy.
*T&Cs apply, see aussie.com.au/promotions for details.