Hidden gems: Most affordable homes in each Sydney region
New data has revealed the hidden suburbs where property seekers get the cheapest deals, plus the cheapest homes listed in each major city region.
They’re the final frontier for home buyers feeling increasingly locked out of Sydney’s resurgent housing market.
New listings analysis has revealed Sydney still has a handful of battleground suburbs where home seekers can snap up properties for close to half the price of the Harbour City average.
Some of the cheapest homes currently on the market in each Sydney region were also revealed, exposing entry level properties for buyers in the city’s north, west, south and east.
Some of these properties will be accessible for buyers with deposits as low as $50,000 when the federal government expands the First Home Guarantee Scheme in October.
The scheme allows eligible buyers to use 5 deposits without incurring pricey lenders’ mortgage insurance.
PropTrack data showed lower priced deals were particularly common in 12 suburbs dotted around the greater city area, where the median price of houses remains under $850,000 – well below the current Sydney median of $1.56 million, according to PropTrack.
There were also 10 suburbs where typical unit prices were under $500,000. Sydney’s median unit price is currently just over $800,000.
The cheapest suburb to buy a house is currently Mount Victoria, in the Blue Mountains, with a median price of $688,500. The cheapest unit market is Carramar, near Parramatta, where units cost of an average of $360,000, according to PropTrack.
Ray White economist Nerida Conisbee warned in a recent note to buyers that a potential catch with deals in Sydney’s cheapest suburbs was that competition was rising.
She said that homes priced at the lower end of the market were increasing in value at a much faster rate than the rest of the market – partly because of interest rate cuts and the expansion of first-home buyer support schemes.
Some of the cheapest houses on the market in Sydney’s north, east, south, west and southwest included:
BEROWRA HEIGHTS (NORTH)
In Sydney’s north, this Berowra Heights home has attracted many young families in recent years.
With an entertainment overlooking the bush and a 784 sqm block, the four-bedroom home at 1 Gwandalan Cres is listed for $1.45m.
This is a 20 per cent deposit of $290,000 or a five per cent of $73,000.
The price of the home sits below the suburb’s median sale price over the last 12 months of $1.54m.
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MASCOT (EAST)
Sydney’s city areas and eastern suburbs are not known for cheap homes but this rare offering in Mascot presents a three-bedroom house for $1.42m.
The house may be small, but the 483 sqm land parcel tells a different story. The price also contrasts with the suburb median sale price of the last 12 months of $1.86m.
A 20 per cent deposit would be $284,000 while a five per cent deposit would be $71,000.
The home additionally features approved DA plans for a five-bedroom home or to expand with an additional two-bedroom garden dwelling which sits private to the main house, offering granny flat or rental income potential.
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BUNDEENA (SOUTH)
In Sydney’s south, the coastal suburb of Bundeena offers a median house price of $1.35m.
This six-bedroom house located at 35 Beachcomber Ave sits right on the median price where a 20 per cent deposit would be $270,000 or a five per cent deposit is just $67,500.
The 1,176 sqm property features six bedrooms across two levels, moments from beaches and the Royal National Park.
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WILLMOT (WEST)
It doesn’t get much cheaper than Willmot in Sydney’s west, where you can secure a home for a $767,000 house median.
This four-bedroom residence located at 4 Hartog Ave is listed with a guiding price between $749,000 and $799,000.
The home sits on a 613 sqm with four bedrooms and one bathroom.
A 20 per cent deposit is $160,000 or just $40,000 if you are eligible for a five per cent deposit.
AIRDS (SOUTHWEST)
In Sydney’s southwest, Airds presents the most affordable suburb offering with houses setting you back $791,000.
Located at 21 Antill Way, this three-bedroom home is currently the cheapest on the market, listed with a price guide of $670,000 to $710,000.
To purchase the home, a standard deposit would be $158,000, or for eligible buyers, a five per cent deposit of $39,000.
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