Top suburbs in NSW for buyers on average salaries

Many of the most affordable suburbs for NSW buyers are available for under $650,000, including one 16kms from Sydney’s CBD.

New research has revealed there are a large number of suburbs in NSW where it’s possible to buy a house for under $650,000.

The HOOD.ai Buy or Rent on a Budget Report sought to find suburbs which struck a balance between being both affordable and desirable, ultimately creating a list of the top 10 suburbs for a buyer earning an average salary.

Median sale prices on the list ranged from $525,000 to $642,500, with many of the suburbs spread out across the state, ranging from places like Glenfields and Point Frederick to Wollongong and Narwee.
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Charlestown was the second most affordable unit market for NSW buyers, with a median sale price of $540,100.

According to HOOD.ai founder and CEO Tommy Fraser, the housing market is a tough place right now for people on average salaries.

“Buyers have to deal with the fact prices have dramatically increased throughout Sydney and other parts of NSW over the past 18 months, while tenants are faced with very low vacancy rates in many parts of the state,” Mr Fraser said.

“So this latest report is really timely, the research has found that there are still some sales markets that are not only affordable but are also good places to live.”
“Whilst there were promising results for NSW as a whole, the only suburb within Sydney to rank on the list was Roselands which lies 16kms south-west of the city. This continues to highlight how hard it is to enter the market in Australia’s largest city.”

Braidwood topped the list for most affordable housing suburbs in NSW, with median prices sitting around $545,000.

Located in the Greater Newcastle area, the suburb of Speers Point topped the list of the most affordable suburbs for NSW buyers looking for a unit.

Median sales prices for units at Speers Point are around $525,000, with the average weekly household income sitting around $1,369.

Third on the list is Braidwood, a town located in the Southern Tablelands on the Kings Highway which links Canberra with Batemans Bay.

It is the most affordable housing suburb on the list, with median house prices sitting around $545,000.

Many of the house and unit markets on the list are within 100kms of Sydney and Canberra, making them commutable for workers in their respective CBDs.

Kelly Allen has lived locally in the area for 10 years and works as a real estate agent for Belle Property Braidwood, selling a number of properties over the decade.

Speaking to the Daily Telegraph, Ms Allen said Braidwood had become an increasingly popular suburb for people who were looking for an affordable place to live that was within an hour’s drive of Canberra.

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“A lot of three-bedroom, four-bathroom houses in Braidwood are still very affordable…it’s a happening country town, with a lot of quirky shops,” Ms Allen said.

“People coming from Sydney no longer just stop at Bowral or Berrima, a lot of younger buyers who are relocating to Canberra find this market to be suitable for them to get a foot in the door and start climbing the property ladder.”

TOP 10 BEST SUBURBS FOR BUYERS (MEDIAN SALE PRICE)

Speers Point (unit) - $525,000

Charlestown (unit) - $540,100

Braidwood (house) - $545,000

Roselands (unit) - $547,000

Cams Wharf (house) - $560,000

Glenfield (unit) - $566,000

Point Frederick (unit) - $590,000

Penshurst (unit) - $610,000

Narwee (unit) - $610,000

Wollongong (unit) - $642,500

Originally published as Top suburbs in NSW for buyers on average salaries