Home buying hopefuls will find the cheapest options close to the city centre in a string of southern and inner west suburbs.
House hunters will find the cheapest median prices within 10 kilometres of Sydney’s CBD in a string of southern and inner west suburbs.
It’s followed by Bexley, 9.7 kilometres from the CBD, where the median is $1.55 million after a 24 per cent annual rise, then Tempe , Arncliffe and Botany . “Yes, these suburbs within 10 kilometres of the CBD are still expensive, but it’s because of that fact … they’re close to the CBD. But relative to what you get there are some benefits to buying.”McCrindle said ongoing investment in public transport and infrastructure, along with the return to office, are making those inner-city locales popular.
“Reduced borrowing capacity due to the cost-of-living crisis, high cash rate and high serviceability buffer, means buyers need to compromise whether it’s their first step on the ladder or upsizing,” she said. “That really showcases the strong need for diverse housing. Some of the more affordable inner-city suburbs have more terrace homes which creates greater affordability,” she said.“If we saw a greater portion of terrace homes that would help to contain the median.”
“Marrickville house prices are steep. We considered what suburbs were 25 to 30 minutes from the city. You’ve got Manly in the north and Strathfield in the west where homes were around $3 million, so we thought Bexley was undervalued,” he said.
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