Aussie shines a light on the New South Wales suburbs where buyers on even the tightest budget could gain a toehold on the property ladder.
Aussie and CoreLogic have teamed up for a new Most affordable suburbs for housing report, shedding light on the most affordable places to buy a home in NSW – good news if you’re on a limited budget.
NSW’s cheapest suburb
No NSW suburbs make it to the national list of Australia’s 20 most affordable suburbs for houses, and only one township – Deniliquin, is listed under the nation’s 20 most affordable locations for apartments.
Located in the Riverina in south-western NSW, Deniliquin is 700km from Sydney – in fact, it’s closer to Melbourne. But with a median apartment value of $162,000, Deniliquin is undeniably a budget-friendly neighbourhood for units.
Sydney’s cheapest suburbs
Sydney property values have been trending lower since July 2017, with values down 10.4% over the 12 months ending February 2019. While buyers are enjoying improved value for money, the city’s median dwelling value of $782,000 means Sydney is still Australia’s most expensive city for housing.
Across greater Sydney, a number of central coast suburbs are the most affordable areas for both houses and units. San Remo is the most affordable location for houses, with a median value of $422,557. Also on the coast, Berkeley Vale has the lowest median apartment value of $313,345.
Closer to Sydney, the cheapest suburbs for houses are concentrated in the Blacktown area, which accounts for six of the city’s 20 most affordable suburbs including Tregear (median house value of $437,734), Shalvey ($449,584) and Emerton ($451,729).
Good news for unit buyers on a limited budget, 19 of Sydney’s 20 cheapest suburbs for apartments have a median value below $400,000. The south-western suburbs are strong performers here, including Carramar (median unit value of $334,653) in the Fairfield region, and Ambarvale in Campbelltown, where the median apartment value is $346,450.
Affordable houses and units 20km from Sydney’s city centre
Within 20km of the city, apartments are typically considerably more affordable option than houses. The Canterbury Bankstown suburb of Lakemba has the lowest median unit value ($391,924) for locations 20km from the CBD.
The cheapest neighbourhood for houses is Granville with a median value of $647,781.
Cheapest houses and units 10km from Sydney CBD
In Sydney’s inner ring suburbs, Turella in the Rockdale area, takes the prize for the most affordable houses with a median value of $1.032 million.
For unit buyers, the lowest median value within 10km of the CBD is at Eastlakes where the typical unit costs $558,791 though at the lower end of the market it may be possible to pick up an apartment for $541,767.
Highlighting the value available in the apartment market, the 20 most affordable inner ring suburbs all have a median value below $700,000.
It goes to show that affordable buying in NSW is possible if you know where to look. For help finding the home loan that’s right for your needs, talk to your local Aussie Broker. To read the full Aussie/CoreLogic report click here.