First home buyers aiming to maximise their investment might find greater value by exploring areas outside of Sydney and Canberra. Regional locations often offer more spacious properties at lower prices, presenting an attractive alternative to the high costs associated with major city centres.
Which areas in NSW are for cheaper first-home buyers?
In picking our list, we made a few considerations. First and foremost, you have to be able to reach Sydney within a few hours by either car or train.
That’s because you’ll probably need to visit the Big Smoke every now and then to either come into your workplace to satisfy your employer, or visit friends and family still in the city.
Pricing also needed to be favourable for both homes and units. Plus, there needs to be a decent lifestyle and cultural scene in the area so you’re not just trapped in your living room watching Netflix every night.
The areas that satisfy our criteria we think you should consider are:
Southern Highlands
Not all areas satisfy these requirements, though. Kiama, for example, is a great spot, but at an average square meterage of 220m², property prices spiked up to almost $2 million on average. Darn.
Below is a comparison of approximate average property prices and sizes in various regional areas against those in Sydney:
Location | Average House Price (approx.) | Average House Size (approx.) | Average Unit Price (approx.) | Average Unit Size (approx.) |
|---|---|---|---|---|
$1,420,000 | 150 m² | $812,000 | 70 m² | |
$830,000 | 180 m² | $650,000 | 85 m² | |
$750,000 | 160 m² | $497,500 | 80 m² | |
$1,010,000 | 200 m² | $750,000 | 90 m² | |
$830,000 | 190 m² | $650,000 | 85 m² | |
$1,166,680 | 170 m² | $830,000 | 80 m² | |
Southern Highlands | $1,000,000 | 210 m² | $750,000 | 90 m² |
Source: CoreLogic. Prices and sizes are approximate and change based on market conditions.
What you need to consider as a first-home buyer to get ahead
Meet with our brokers: we can put together a plan to get you into a home or unit in the right spot for a first-home buyer.
Consider an Aussie Homes buyer’s agent: We’ve got a specialised Buyer’s Agent service at Aussie Homes that will help match you to your ideal place, and potentially get a bargain thanks to our access to off-market properties that typically sell for less.
Property Type Selection: Choose between houses, units, or townhouses, considering factors like maintenance, space requirements, and future needs.
Understand government incentives: Explore available first home buyer grants, stamp duty concessions, and other incentives that may reduce upfront costs.
Do your due diligence: Conduct thorough property inspections and review building reports to identify any potential issues.
Consider the future: Consider long-term plans, including family growth, resale value, and potential for property appreciation.
Get familiar with the paperwork: Understand the terms of the sale contract, including any conditions, settlement periods, and obligations. We’ve got an optional in-house conveyancing service that can also offer you a stress-free application and settlement.
