A new report compiled by Aussie Home Loans and CoreLogic RP Data has identified the Canterbury, Bankstown and Parramatta regions as the most affordable for houses and apartments within 20 kilometres of Sydney’s CBD, with the suburb of Birrong coming out on top with a median house price of $644,000.
The Inner West dominates the most affordable suburbs for houses within 10 kilometres of the CBD, with seven out of the top 20 suburbs located within Marrickville Council. Turrella in Rockdale Council tops the list with a median house price of $840,000.
The most affordable suburb for apartments within 10 kilometres of the CBD is Eastlakes with a median unit value of $484,000; the only suburb within 10 kilometres of the city with a median price tag under $500,000. Marrickville is the second lowest with a median value of $553,000.
Meanwhile 20 kilometres from the CBD the most affordable suburbs for apartments follow the Bankstown train line with Lakemba, Wiley Park and Punchbowl listing median values well under $400,000.
Most affordable suburbs within 10 and 20km of the Sydney CBD, houses
Most affordable suburbs within 10 and 20km of the Sydney CBD, units
Founder and Executive Chairman of Aussie, Mr John Symond, said “A lot of people are worried about affordability in Sydney, especially as houses in more than 200 suburbs are priced over $1 million. However our Most Affordable Suburbs report shows that there are still pockets of Sydney close to the city centre that are well below this.
“Many of the most affordable suburbs also have great transport links, and these types of services are perfect for young professionals and first time buyers who need affordability but with good accessibility to the CBD,” he added.
“There is money available for home lending and interest rates remain low, so these suburbs present a great opportunity for buyers to get into the Sydney property market despite its substantial growth of 16 per cent over the last 12 months.
“Owner occupiers can still borrow up to 95 per cent of a property’s value, and the suburbs listed in our report provide a map of where the most affordable property is located. Price growth is also expected to slow to more sustainable levels over the next year, so this is further good news for people trying to get into the market, especially first home buyers or those looking to upgrade to a new home,” he concluded.
Map of Sydney’s Most Affordable Suburbs within 10 and 20km of the CBD, houses
To download the full Aussie/CoreLogic RP Data Most Affordable Suburbs Report, visit www.aussie.com.au/affordable-suburbs.
Aussie’s mobile mortgage brokers and stores offer free home loan advice and pre-approvals for home loans sourced from its panel of up to 19 lenders, including the big banks. To book a free appointment, call 13 13 33 or visit www.aussie.com.au.