- Emu Heights most affordable at $807,120
- Affordability in focus as first homebuyer numbers soar
- Ultra-low interest rates making buy cheaper than rent
The Sydney property market has continued to flourish despite its residents being in the midst of enduring a months-long lockdown since July.
Earlier this month, experts predicted the price of houses in Sydney to rise by 8%, meaning prices could increase by another $76,000.
Despite this, according to the Co-founder of BuyersBuyers Pete Wargent there are still affordable Sydney suburbs offering properties at around 70% of the median price.
“Prices have increased over the past year, but there are still areas where bargains can be had and if you have a long-term strategy you can expect solid capital growth over the coming few years,” Mr Wargent assured.
Top Suburbs for Affordable Houses in NSW
Topping the chart is Emu Heights, located in the Outer West area and approximately 54 kilometres west of Sydney’s CBD.
RiskWise has deemed Emu Heights to be the most affordable suburb, with a median price of $807,120.
This is closely followed by Point Clare on the Central Coast, at $819,352.
Mr Wargent said the Central Coast is attracting buyers seeking lifestyle, especially now that many people have the ability to work remotely.
If you fancy living in the suburb of Springfield, which shares its name with the fictional hometown of The Simpsons, a house there will set you back a bit more at about $843,650.
With the number of first homebuyers seeking to enter the property market soaring, Mr Wargent says affordability has been of keen interest.
“The current ultra-low interest rates have created a unique environment where buying a house in many areas was cheaper than paying rent on one.”
Pete Wargent, Co-founder BuyersBuyers
“With mortgage rates still close to the lowest on record, all states offer some opportunities for those with a reasonable buffer and a level of employment security,” he added.