Cheap is a relative term, but home buyers can find better value with great restaurants and transport links if they know where to look.
Looking for the most affordable homes within 5km of the Sydney city centre? There’s only one direction to travel: go west.
“The ‘cheapest’ houses within 5km of the CBD aren’t necessarily cheap, but they are in the most affordable areas,” said Eliza Owen, CoreLogic’s head of Australian research. “Most of those are in the inner west area, with Erskineville at number one. “They’re usually taken aback by what a wonderful location it is with so much public transport – stations at both Erskineville and Macdonaldtown – and so much amenity, it’s fantastic value.”Nunn recently sold a three-bedroom-plus-study house at 21 Burren Street, Erskineville, prior to auction. It had a price guide of $1.65 million to $1.8 million and fetched $1.91 million.
“These all tend to be places that have high-density housing that’s well established,” said Owen. “They’re often in what used to be low-priced suburbs, but they’ve all been undergoing a gentrification process.” He has a two-bedroom unit with views at 1203/58 Mountain Street in the suburb going to auction for an expected $1.25 million.
“The affordability and proximity to the city are really in its favour, and people are finding that, by coming just that little bit further out, they can buy a lot more with their money.”
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