With the rampant rise in house prices over the past several years showing signs of slowing, and changes to stamp duty which will see many buyers save a bundle, it seems that now might be a good opportunity for first-time buyers to take their first tentative step onto the Sydney property ladder.
While regional NSW is infinitely more affordable for buyers seeking to purchase their first home, for those who work or study in the CBD a move away from the Greater Sydney area may not be a feasible option.
Here’s our pick of the best suburbs where first home buyers can still get a foothold in Sydney.
With a median house price of just $655,000, Ashcroft is 35 kilometres south-west of the CBD, and is a quiet suburb with plenty of green spaces – a great option for young families. This brick home on Strickland Crescent would be perfect for a couple with a baby, and there’s even a third bedroom which could be used as a study or potential nursery for baby number two! Taking offers over $585,000, it’s an affordable entry point into the market and is conveniently located close to shops and schools.
With a decent little shopping strip and a number of excellent schools, houses in Lalor Park are a bargain at $698,500. It’s 35 kilometres west of the city, and is popular with families thanks to the abundance of parks and green spaces, and the quiet, friendly community feel. City workers can easily travel via train or car to the office, with the M2 taking you door-to-door in under 45 minutes. Big blocks and tree-lined streets abound in this suburb, where you’ll get real bang for your buck as a first-time buyer. At just $480,000, this Noakes Parade home is an absolute steal! With three bedrooms, a large living area and a second toilet, a young family could make this property their ideal first home.
While houses here may be a little out of the average first homebuyers’ price range, you can expect to pay just $615,000 for a unit in Parramatta, 23 kilometres to the west of the city centre and on the banks of the Parramatta River. Parramatta train station serves as a major interchange point on the T5 Cumberland and T1 North Shore, Northern and Western Lines, and there are also several bus routes that service the suburb, so it’s the ideal spot for commuters. There’s also a huge Westfield shopping centre – the fourth-largest in the country – with all the retail and department stores you could want, spread across five levels. Listed at just $490,000, this two-bedroom unit on Davies Street would be the perfect first home for a young single or couple, and could easily be turned into an investment property down the track when you decide to upgrade.
You could walk away with a little change from half a million dollars if you snap up a unit in Harris Park, where the median is $497,500. In the Greater Western Sydney region, 23 kilometres from the CBD, there’s plenty to see and do around Harris Park, including several sites of historical significance. It has its own small shopping strip, and neighbouring Parramatta has all the major retailers and amenities, meaning you won’t need to journey into the city too often to shop. For $545,000 this Alice St apartment could be yours, complete with sunny north-facing balcony and secure intercom access.
Great train access to the CBD and the promise of a cosmopolitan lifestyle make Sutherland, 30 kilometres south of the city, a winner for first homebuyers. It’s also just 15 minutes from Cronulla Beach and close to national parks, perfect as a base for weekend day-trips. While houses are sitting at a median just shy of $1.2 million, units are decidedly more affordable, averaging just $654,000. Just 600 metres from Sutherland Station, this two-bedroom apartment has been recently updated, and would suit a first homebuyer planning on commuting to the CBD for work.