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New report details affordable deals in Sydney

Date Posted: Mar, 2014

By Rich Harvey, CEO, propertybuyer.com.au

With home values surging in many areas throughout Australia, chances are you’re wondering if any affordable deals remain.

Fortunately for those looking to buy a house in Australia, good buys still exist for those who know where to look – even in hotspots like Sydney.

The Westpac Suburbs Snapshot recently highlighted the most affordable suburbs in Sydney’s major metropolitan regions.

“Westpac understands that the dream of many Australians is to own their home sooner,” said Gai McGrath, general manager of retail banking at Westpac.

“Identifying that there are particular suburbs in each region that represent value for money is vital when considering a purchase in that area. When looking for a home to buy it’s important to be armed with as much information as possible.”

As far as the Eastern Suburbs are concerned, it appears that Paddington is the second most affordable suburb for those looking to buy units, beating out Kingsford and Matraville with a median value of $533,057.

Elsewhere in the Eastern Suburbs, it’s clear that even a few kilometres can mean the difference between paying or saving an extra couple million dollars.

Ms McGrath told The Telegraph that North Bondi houses were $2 million cheaper than those in Vaucluse, despite being only three kilometres away.

Meanwhile, Sydney’s northern beaches region featured a couple of suburbs in the middle bracket of house prices – Warriewood at $950,920 and Cromer at $951,814.

This data, as well as the fact that it fluctuates so readily between different suburbs, makes it clear that home buyers could benefit greatly from the services of a buyers advocate.

A Sydney buyers agent who has intimate knowledge of prices, sales and inventory throughout different suburbs in the region could make a huge impact in how much you ultimately pay.