The best Sydney suburbs for new homebuyers
It’s no secret that Sydney is one of Australia’s toughest areas to get onto the property ladder. However, it’s not impossible!
Off-the-plan, newly built apartments are some of the best options for New South Wales’ capital city first home buyers, as units are considerably more affordable than homes. In fact, the latter can be as much as 170 per cent more expensive in certain areas, according to Australian property authority Domain.
Similarly to our recent piece on Adelaide’s best suburbs for new home buyers, the most attractive areas for Sydney property are now inner-fringe suburbs.
Take a look at the following Sydney suburbs if you’re on the hunt for your first home.
Newtown is one of the city’s up-and-coming suburbs. It’s the place to be for artists, and is filled with cafes, bars, and quirky finds. The suburb is a short train ride or drive to the city centre, and while there are plenty of older terraced houses, there is also a good selection of apartments available.
The most recent data from property website Real Estate puts the average price for a one-bedroom unit at $570,000. A two-bedroom home averages roughly $1.2 million in Newtown.
A stone’s throw from Newtown, Marrickville has already been earmarked as the ‘new Newtown’. The two suburbs have plenty in common, including a close proximity to the CBD, a range of shopping options, and a real mix of apartment buildings and homes.
The bonus of buying a unit here is that it is also more affordable than Newtown. Real Estate’s figures suggest an average one-bedroom unit costs $488,000, whereas a two-bedroom home is in the same vicinity as Newtown.
If you are after a home rather than an apartments, Penrith could be a strong contender. This is one of the cheaper areas around Sydney, primarily because it is further out than the inner suburbs. It’s roughly an hour west of the CBD by car or train, but there are plenty of amenities in the area and the price makes it extremely appealing.
For example, you can purchase a three-bedroom home here for just over $600,000, or a two-bedroom unit for under $400,000. This area is growing quickly and is a great place to start a family due to its community atmosphere and distance from the hubbub of the city.
There is a great range of properties available in suburbs all across Sydney, so be sure to organise your first home buyer loan to snap one up!