It’s easy to assume that property prices within 10km of the Sydney CBD would be well over the $1 million-mark but surprisingly, that’s very far from the truth.
CoreLogic RP Data has released a list of the 10 most affordable suburbs located less than 10km from the city, all with a median house prices well below $950,000.
The most affordable is Sydenham with a median house price of $813,314 while the second most affordable is Tempe with a median of $826,844.
While the majority of the list comprises of suburbs found in the inner west, Pyrmont, Darlington, Ultimo and Woolloomooloo also make appearances.
Day & Hodgson Real Estate selling agent Maria Hodgson said certain suburbs in the inner west including Sydenham, Tempe, St Peters and Marrickville have flown under the radar until recently.
“Those suburbs have really only come onto the buyer’s radar in the last seven years. Before that they were suburbs that people didn’t really look at,” Ms Hodgson said.
“Council has spent so much money revitalising them and the demographic has changed with young families and professionals coming in. These suburbs have become very popular.”
While Sydenham is the most affordable at the moment, Ms Hodgson said buyers should aim to get in quick before prices begin to rise.
“It’s a really lovely suburb and a gorgeous community with great schools. It’s about 12 minutes to the beaches and Sydenham Station has just been done up. The suburb has seen an increase in investors because of the proximity to the station,” she said.
“I think we will see an increase in capital growth in the area. All of the 2044 suburbs — Sydenham, Tempe, St Peters — they have their own strong market now and Sydenham is like a little sister of Tempe and St Peters but it’s quickly catching up.”
For buyers who are looking for units, Hillsdale may be the suburb to start searching in.
Located in the south east, Hillsdale has a median price of $435,768 and is the most affordable suburb located within 10km of the city in terms of unit price.
Ray White Maroubra selling agent Cameron Airlie said Hillsdale’s growth had been held back for some time.
“It’s been held back for so long and hasn’t experienced growth like other suburbs,” Mr Airlie said.
“In the next 12-18 months, even up to 3 years, it will keep growing and begin to outgrow surrounding suburbs because it’s been held back for such a long time.”
Mr Airlie said Hillsdale features more apartments than freestanding homes with many investors buying into the suburb.
Other suburbs on the list of most affordable suburbs for units include Winston Hills, Croydon Park and Eastlakes.
Most affordable suburbs within 10km of the CBD (median house prices)
Sydenham — $813,314
Tempe — $826,844
Pyrmont — $857,632
St Peters — $862,295
Marrickville — $892,297
Enmore — $892,306
Darlington — $898,779
Ultimo — $916,432
Newtown — $918,306
Woolloomooloo — $922,636
Most affordable suburbs within 10km of the CBD (median unit prices)
Hillsdale — $435,768
Winston Hills — $450,840
Croydon Park — $456,539
Eastlakes — $464,806
Campsie — $465,233
Newtown — $485,287
Kogarah — $492,660
Meadowbank — $500,406
Darlington — $506,193
Marrickville — $508,813
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