Where you can buy Sydney and regional NSW homes at 2013 prices

Hidden among the tracts of suburbia where home prices are soaring remain pockets where properties are selling for the same prices as back in 2013. See the full list of NSW suburbs

Homebuyers can time travel back to 2013 in some Sydney and NSW suburbs offering properties at their cheapest prices in a decade.

The current median sale prices in these markets were similar or, in some cases, more affordable than they were 10 years ago — a result of rapid home building and declining buyer competition, experts said.

It’s a reversal of the conditions prevailing across much of the rest of the market, where severe property shortages and surging demand have led to six successive months of property price increases, even as interest rates rise.

And more price increases are expected in the coming months as surging migration and soaring rents encourage more tenants and investors to purchase homes.

PropTrack figures showed the Sydney areas where unit buyers could get some reprieve from the pressure cooker conditions were North Ryde on the north shore and Regents Park in the Bankstown region.

Multiple units in this building on Network Place in North Ryde have sold for less than the prices paid when they were build in the mid-2010s.

Unit prices in both areas were near levels recorded back in 2013 largely because of a proliferation of high-rise apartment construction in the mid-2010s.

The higher supply of new units meant home seekers in these areas had more choice and wiggle room at the negotiating table, which kept a lid on price growth over the years.

MORE: Inside Brad Fittler’s $10m Origin loss hide-out

“The prices would be more affordable, which may be appealing to some buyers,” said PropTrack economist Angus Moore. “The affordability actually shows what would be possible if they built more housing in other areas.”

The median price of North Ryde apartments was $730,500 in 2013 and has only increased by $15,000 over the last decade to the current $745,000, according to the PropTrack research.

Average apartment prices in Regents Park were currently $383,500 – just over $47,000 higher than in 2013.

For context, the average unit in Greater Sydney cost $511,000 in 2013 and today costs $787,000 – a rise of $276,000 or 54 per cent.

Freestanding house prices across the Greater Sydney area, which includes the Central Coast and Blue Mountains, cost an average of about $615,000 in 2013 and now average $1.3m.

Mr Moore said house prices flat lining over the decade was “an incredibly rare” occurrence nationally.

He noted a similar theme of unit oversupply being evident in most of the areas around Melbourne and Brisbane where prices were similar or lower than they were in 2013.

“House prices have tended to grow a lot faster than unit prices,” Mr Moore said. “This was especially true during the pandemic and (lockdowns) when people favoured larger properties.

This North Ryde unit sold this year for $123,000 less than the 2014 price.

This Muswellbrook property sold this year for $5000 above the 2012 price of $300,000.

“The unit market in general underperformed during the pandemic. Some of those headwinds seen back then have gone now and the relative affordability of units could be an attraction.

“The return of migration and increased investor activity from those taking advantage of rising rents could also see demand for apartments start to increase.”

MORE: Origin bad boy’s new trophy home

Regional NSW locations where prices were similar or lower than in 2013 were a mix of mining town suburbs, regions affected by last year’s record floods or semirural areas.

They included Korara in the Coffs Harbour region, where unit prices are $75,500 cheaper than a decade ago, and Deniliquin near the Victorian border, where the current median is $500 higher.

House prices in mining town Cobar are $7500 cheaper than 10 years ago, while in South Lismore, an area where many of the houses were ravaged in last year’s floods, the drop was about $9000.

Buyers Agent Michelle May said new purchasers should be wary of off the plan sales. Picture: Richard Dobson

Buyer’s agent Michelle May said home seekers who purchased older style units in many of the Sydney areas where prices stayed flat over the last decade could get a bargain, but she cautioned against buying new units off the plan.

“It’s similar to buying a new car,” she said. “As soon as you drive it off the lot it loses value. You’re basically paying for the privilege of everything being new.

“That’s why you’ll often see new units sell for a premium but when it comes to resale in the next seven years, the owners take a hit or get almost no growth.”

Economist Paul Ryan said the development industry had a propensity to concentrate new unit construction in small areas over a short period of time, which often led to a temporary oversupply.

The oversupply could keep prices depressed in the short-term but those who purchased just as the oversupply was beginning to be absorbed could often benefit, he said.

“Eventually the prices go up again,” he said.

Originally published as Where you can buy Sydney and regional NSW homes at 2013 prices