Sydney suburbs where young Aussies can buy for under $1m revealed

Fresh government data has shined new hope on the great Australian dream, proving you can still buy a home in Sydney for under $1m.

The great Australian dream of owning a home is still alive and kicking in New South Wales, although homeowners are heading further out of the Sydney CBD, new figures show.

Newly collated data shared exclusively with NewsWire shows more than 50,000 first home buyers have collectively saved more than $1bn off their dream homes, through the national government’s stamp duty concession program.

Mr Minns said his government’s housing scheme was helping get people into their first home sooner. Picture: NewsWire/ Gaye Gerard

Nationally, house prices in January 2025 were up 3.82 per cent higher year on year, according to the most recent PropTrack data.

In Sydney, house prices outperformed unit prices year on year, lifting 2.53 per cent and 1.24 per cent respectively, with the median value listed at $1.1 million.

Under the NSW government proposal, first home buyers have saved an average of $20,540 since the program was introduced, with the homeowners paying no stamp duty if they purchase their first home for under $800,000 or a discounted rate for properties costing up to $1 million.

More than 3100 of these buyers were in the City of Parramatta, while more than 2000 NSW residents used the scheme to buy in The Central Coast.

Sydney’s western suburbs was the most popular choice for first homebuyers, with the area making up eight of the top 10 locations that received government support.

Nearly 1000 first-time owners bought in Liverpool using the grant, with 906 taking up the offer for properties in Campbelltown and 691 buying in Parramatta.

More than 450 were able to buy a bit closer to the city, with a total $11 million saved by buyers in Arncliffe.

Of the more than 50,000 first home buyers who have received support under the Government’s program, 35,700 received a full exemption and 14,600 received a concessional rate of stamp duty.

NSW Premier Chris Minns said there is still more to do on cost of living, but the scheme had helped more 50,000 New South Wales residents get onto the property ladder.

“Our government is helping more buyers to get a foot on the ladder, without having to leave Sydney or NSW,” Premier Minns said.

“This is the best first homebuyer scheme in the country, and just one part of our plan to address the housing crisis and build a better NSW.”

The minister for finance Courtney Houssos said the program was delivering real savings for first home buyers.

“Families and households in NSW are feeling under pressure with increasing costs of living. We want to support families and households to realise the certainty of home ownership,” she said.

The NSW government say they have helped more than 50,000 first home buyers get into their first home. Picture: NewsWire / Damian Shaw

The First Home Buyers Assistance Scheme provides a full exemption from stamp duty for eligible buyers purchasing up to $800,000, and a concession for purchases between $800,000 and $1 million.

This means first home buyers can save up to $30,529 in stamp duty.

In July last year, the Minns government announced it was raising the threshold for first home buyers from $650,000 to $800,000 and the threshold for stamp duty concessions from $800,000 to $1mn.