Opportunities still exist in Sydney's hottest suburbs
July 9, 2014 / Written by Rich Harvey
Beautiful homes, prime location and access to world-class amenities - sounds expensive, right? While there's no doubt Sydney has seen significant price growth in recent months, particularly in some of its more sought-after areas, home buyers still have a chance to scoop up great properties in premier suburbs.
As part of its July 2014 Month in Review report, Herron Todd White explored which areas offer the best opportunity for house hunters seeking a relatively affordable deal.
"Every year in July we take a hypothetical half million dollars and ask our offices to give their advice on where investors should be looking to spend it," the report stated.
"While many buyers may have given up hope of investing $500,000 (or less) in Sydney and gaining a first home or neutrally geared asset, opportunities do still exist, if you know where to look."
In order to afford a property at that price in Sydney, you'd likely have to sacrifice location, right? Wrong!
"A prime area for such an opportunity is Sydney's perennial overachiever, the Eastern Suburbs," the report continued.
"Specifically the inner eastern corridor from Surry Hills through Darlinghurst to nearby Potts Point, where you can still purchase studio and some 1-bedroom units for under $500,000."
If you're a first home buyer hoping to achieve an inner-city lifestyle, these properties could be an ideal match.
Meanwhile, the report showed that first-time buyers looking for more space may want to focus their attention on the city's west. Not only would those with $500,000 see opportunities for units, they'd also find a selection of detached family homes.
Of course, finding these properties can be much easier said than done. Fortunately, a Sydney buyers agent can help you zero in the properties throughout the city that suit both your needs and your bank account.