-Sydney median price = $1.2m
-Bankstown median price = $980,000 (REA Group)
-Smaller homes in Roselands can be closer to $930,000
With house prices around Sydney constantly climbing, prospective buyers seemingly have few options close to $1m.
In fact, almost 50% of yearly house sales in Sydney (as of June) are for $1m or more, says CoreLogic RP Data. That figures leaves every other Australian capital for dust, which is hardly something to be proud of.
Thinking of a number over 15
However, a little thinking outside the box – or beyond 15 kilometres from the CBD as it were – might lead to wider choice.
For example, there were 86 auctions in the inner south-west of Sydney last week (ending August 6), with just 65% of them selling, according to CoreLogic RP Data. This rate of sale was much lower than in, say, the eastern suburbs, Hornsby, the northern beaches and in Ryde. So, there’s perhaps an opportunity in this slightly less competitive segment of the city.
Of course, those more fiercely contested areas also had lower numbers of auctions, meaning it was easier to hit a higher clearance rate.
Go (south) west
Still, prices for homes more than 15 or 20km south-west of the CBD appear to sell at more affordable prices. For example, this four bedroom house in Panania just sold for $1m.
Nearby suburbs include Bankstown, Chullora, Earlwood, Hurstville, Padstow, Milperra, Bass Hill, Peakhurst, Bexley, and Roselands, all of which are worth a look as well.
Bankstown, for instance, has median prices on two and three bedroom houses of less than $1m, as per REA Group.
More south than west, Roselands also has a median house price that’s close to $1m, by REA Group figures. Size matters, of course, with this smaller and older house going for $930,000 earlier this month.
Looks can be deceiving because this is a rather a good plot of land (408 sqm) and just 16km from the CBD.
Peakhurst, too, has become popular and yet still has some decent prices. For example, the $1m price tag on this three bedroom brick house seems fair for sizeable land that’s just 21km from the CBD.