Where to buy a house in Sydney for under $1 million - May 2020
May 13, 2020 / Written by Rich Harvey
Anyone looking to buy a freestanding dwelling in Sydney will know that $1 million doesn’t tend to get you much these days.
For people who want a bit of room to grow but are on a budget, it’s disappointing news. Most pundits would suggest that you either need to move way, way out on the city fringes where cookie cutter housing estates are the norm or settle for an apartment.
But there are some suburbs where you can snap up a house for under $1 million without having to sacrifice convenience or future growth prospects.
Here are some good examples.
Pointing towards Peakhurst
Peakhurst, located 21 kilometres from the CBD, is a little up-and-comer in the southwest where the median house price is $937,000.
It has a somewhat sleepy feel and the demographics here skew older, with most households comprising elderly singles or couples, but the number of younger families has been steadily on the rise for several years.
As a result, there’s a bit of property renewal taking place, with older homes being bought by mums and dads on a budget and gradually renovated. Residex predict that the median house price of Peakhurst is expected to rise by 7% pa for next 8 years.
The suburb doesn’t have its own train station, but the bordering suburbs do. It’s also just a hop, skip and jump from the M5.
Its proximity to growing hubs in the west, like Kogarah and Punchbowl, puts it in good stead for the future. As prices there rise, people will naturally look to the next ring out. Peakhurst, with solid homes and leafy streets, a local school, decent connections to the CBD and a few parks, will make it ideal for families in particular.
Ready to go in Revesby
Just up the road from Peakhurst, you’ll find the charming suburb of Revesby.
It’s about 22 kilometres from the Sydney CBD, also in the southwest, and is a pocket that’s ripe for generational change.
It also has a slightly older residential base, with lots of lovely old homes owned by lovely older people. But crane activity in the sky has grown over recent years, with high-density living starting to crop up.
That’s always a good sign that change is on the horizon with younger residents starting to call the area home. Residex predict that the median house price of Revesby is expected to rise by 7% pa for next 8 years.
There’s a fantastic village feel in the middle of Revesby surrounding the train station, with a mix of retail, hospitality and lifestyle amenities on offer. Some of that recent development I mentioned has attracted retail boutiques and cafes, giving the area a bit of an urban feel.
There are several schools in the area, which makes it attractive to families – as does the median house price of $950,000.
I think the future prospects are strong for Revesby. There’s quality housing stock with plenty of room to add value, excellent connectivity to the city, Parramatta and the airport, a great community feel, evident gentrification and good affordability.
Something about Seven Hills
This is another one of those areas that has all of the ingredients for a promising future price growth trajectory.
Just near Bankstown, 27 kilometres northwest of the Sydney CBD, it’s a pretty sleepy little pocket with generously sized family homes on large blocks and set on quiet streetscapes. It’s a very family friendly area.
There are many schools in the area, some great parks and a little creek, so it’s also a pretty place to live. Expected capital growth is estimated to be 6% pa for the next 8 years as calculated by Residex.
In terms of the housing stock, there’s a lot of opportunity to add value with whole streets just ripe for renovators to come in and work their magic. And as I said, those huge blocks only require some imagination to make the most of.
Parramatta is just down the road and as prices there rise, and density explodes in the future, people will inevitable go on the hunt for more affordable and more liveable pockets. I think this is one of the areas they’ll end up in.
Don’t go it alone
There’s a lot of value in the old adage that you get what you pay for.
Just because a suburb is under a certain price, doesn’t mean it offers solid and long-term investment fundamentals. Buying somewhere purely based on price is a risky strategy.
As with any decision, always seek independent expert advice to ensure you’re making the best decision for your situation and strategy.
A properly qualified, experienced and well-connected buyers' agent can work your budget, your goals, your needs and your wants to find you the best house in the best suburb for the right price.
To have a friendly Buyers' Agents to contact you:
call us on 1300 655 615 today.