Parramatta and surrounds offer Sydney’s best housing deals

PARRAMATTA is the centre of affordability in Sydney’s housing market, with suburbs in the council area offering some of the city’s best deals.

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PARRAMATTA is the centre of affordability in Sydney’s housing market, with suburbs in the council area offering some of the city’s best deals.

A study by RP Data shows there are still hidden pockets of affordability in Sydney.

Their figures show 16 suburbs within 20km of the city still have a median unit price below $400,000 — 11 of which are in Parramatta, Bankstown or Canterbury council areas.

Among the most affordable markets are Harris Park, Granville and Guildford — all of them close to Parramatta and all on railway lines.

Units in these areas typically cost between $350,000 and $390,000.

RP Data’s Cameron Kusher said recent price growth on high-density units 10km outside the CBD had not been as significant as detached houses in the inner city and these ­remained the most affordable properties on the market.

In the past two years, more than 20 per cent growth in the median house price has pushed the cost of an average Sydney home past $650,000.

Mr Kusher added that high-density units in middle-ring suburbs could prove more popular as more buyers realise the potential savings on offer. The increased demand could mean the current price difference may only be temporary.

“Multi-unit dwellings show lower price points and units are also often closer to transport options so more segments of the market may sacrifice their backyards for a high-density home,” Mr Kusher said.

LJ Hooker Granville agent Joseph Nasr said buyers shopping for property at the bottom end of markets such as Guildford and Harris Park can expect to find 30-year-old flats in “original” condition.

“You get much better value for money here than you would in the city, but most buyers purchasing on the cheap almost always renovate after they move in,” he said.

Andy and Michelle Semaan did just that when they moved into their three-bed Guildford home four years ago.

The couple said low prices drew them to the suburb.

“It’s really convenient for us. All the amenities we need are so close, but prices are super cheap,” said Mr Semaan.

The one trade-off for the couple is less space.

They are auctioning their home to upsize before starting a family.

Also on the list of middle-ring suburbs where median unit prices remain under $400,000 are Wiley Park, Punchbowl, the Bankstown CBD, Berala and Merrylands.

Originally published as Parramatta and surrounds offer Sydney’s best housing deals