What Your $ Buys In Sydney Within 30kms Of The CBD
Think “Sydney Real Estate” and thoughts immediately go to “pricey”.
With a median house value of $1,012,368 and a median unit value of $752,625, it’s no wonder Australia’s largest capital city is also the most expensive and unaffordable.
However, according to an onthehouse.com.au (a CoreLogic business) report released today, options do still exist under a cool million - purchasers just need to make compromises on lifestyle preferences such as time spent commuting and housing types (houses vs units).
The report analysed data behind distance to the central city and prices to create a list of suburbs that still have housing options available within 30 kilometres from the city centre in three brackets: up to $500,000, $500,000 - $750,000 and $750,000 - $1Million.
On behalf of onthehouse.com.au, spokesperson David Maire comments: “It will surprise no one that at every price bracket, Sydney’s units dominate, with a choice of 143 suburbs in which the median value of units is under $1Million. If your heart is set on a house, your options are much more limited, with just 44 suburbs on the list, the vast majority of which were at least 20 kilometres from the city centre.” If you’ve got less than $500K to spend, the Sydney suburbs of Lakemba and Wiley Park are the most central and affordable options. Both have a median value for units under $500k and are both within 15kms of the CBD.
“You would need at least $500-750k to buy a house in Sydney’s main capital region, however the closest to the CBD you could get would be approximately 29 kilometres away, with the suburb of Busby coming in with the lowest median value for houses at $675,210” Maire notes.
In the $750,000 - $1Million price bracket, the closest you could get to the CBD would be 13 kilometres away in the suburbs of Eastwood and Greenacre where you could buy a unit for around $753,850 and a house for $941,759 respectively. For a full list of suburbs with housing options at under 15km’s, 15-20km’s, 2025km’s, and 20-25km’s from Sydney’s city centre in price brackets of up to $500,000, $500,000 - $750,000 and $750,000 - $1Million, download the full report.
Note: Analysis was based on average distance data being ‘as the crow flies’ and based on transaction data to establish the average radial distance of those properties that have transacted over the 12 months to June 18. Suburbs with less than 50 sales over the period excluded from the analysis.