The 198 Sydney suburbs where you can still buy a property for less than $1m
Sydney’s median house price has hit a record peak of nearly $1.6 million, but there are still plenty of suburbs with (relatively) more affordable price tags. The key is knowing where to look.
Analysis of the latest Domain House Price Report has revealed there are 198 Sydney suburbs with a median house or unit price of less than $1 million, with units dominating the list.
The most affordable suburb is Kingswood, 52 kilometres west of the CBD, which has a median unit price of $370,043. It is followed by Lakemba, 13 kilometres south-west, at $392,000.
“[Kingswood] is a very affordable area to get into the market in general,” says agent Jack Turner of Raine and Horne St Mary’s.
He says that with a budget of less than $1 million, it’s relatively easy to find a dream home in the suburb compared to other parts of Penrith city and Sydney.
“Your apartment prices sit anywhere between the high $200,000s and … about $400,000,” he says, adding that it is rare for house prices to hit $1 million.
“If a house needs a lot of love, it might start at the $650,000 range,” he says, “but even [properties] like big homes on big blocks very rarely go past the $900,000 mark for a big family home.”
For the most affordable houses, it’s best to turn to Lethbridge Park, 40 kilometres west of the CBD, which has a median of $660,000.
Agent Vedant Agrawal of TAG RE says there have been a lot of first-home buyers entering the Lethbridge Park market.
“It’s quite a convenient location,” he says. “It’s affordable. Convenient to the new airport, and Penrith is not far. It’s only 18 minutes down the highway.”
The area’s typical house has three bedrooms and one or two bathrooms and sits on a good block of land ranging from 600 to 650 square metres, Agrawal says, giving the example of the brick home at 437 Luxford Road.
For those looking to live less than two kilometres from the city centre, the median unit price in Rushcutters Bay is $700,000, and in Ultimo it’s $850,000.
Nuri Shik of Ray White Elizabeth Bay says finding a place in Rushcutters Bay under $1 million is “not that hard”, and points to two of his current apartment listings that fall under that price.
He says finding a two-bedroom unit under $1 million is possible. In December, he sold an apartment that had two bedrooms and a balcony.
“It wouldn’t be a glamorous two-bedroom with parking,” he says. “It would be an older style two-bedroom apartment. If you were to look for a one-bedroom older style, up to [ $800,000 ], you should be very successful.”
Shik is currently selling a one-bedroom apartment in Rushcutters Bay with a private garden entry, and predicts it could sell in the mid-$600,000s.
Domain’s picks of the best listings under $1 million
This one-bedroom Potts Point apartment is on the top floor of an art deco building that is minutes away from the Sydney CBD. The price guide is $540,000-plus.
Pockets of affordability can be found just about anywhere. The price guide for this two-bedroom, two-bathroom Parramatta apartment starts at $590,000. It comes with great views of the Parramatta CBD.
This two-bedroom apartment in Strathfield starts at $645,000. It comes with a balcony to enjoy some fresh air after a long day, and is a few moments away from the Homebush and Flemington train stations.
Just 50 metres away from the local train station, this three-bedroom Lakemba apartment is expected to fetch over $720,000. It also comes with a large balcony and a separate laundry.
Live in the inner west in this two-bedroom Ashfield apartment with a large open-plan lounge area. The price range starts at $720,000.
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