How much does it cost to be closer to Sydney CBD?
Being near to a train station to get to a key employment hub is on many first time buyers' list of requirements, particularly for those who rent close to their workplace at present.
The choice to live closer or further from work is unlikely to be solely about desirability, but largely to do with economics. No one chooses an excessively long commute if they can live in the same way, for the same price, closer to their workplace.
Catherine Cashmore explained that those who commute daily have to leave extra time to battle the traffic, or be on the train for lengthy periods of their morning and evening. Clearly a consideration for young home buyers with long careers ahead of them.
"Many home buyers have accepted the traditional Aussie house with a backyard for games of cricket and a family barbecue has been replaced with either a flat or small subdivision and courtyard at most," she wrote.
"For those who want a larger property the compromise is usually a move into an outer-suburban estate and accept being far from friends, family, and work – plus slower capital growth. Most first-home buyers stuck on the rental ladder are only able to afford to enter the housing market if they have either help from family/friends to raise a deposit, or meet someone with whom to combine wages and savings."
How much will you really be paying to make your commute shorter? Looking at Sydney's rail network, Property Observer mapped out how much it really costs you to live close to the city.
Source: Transport Sydney Trains, RP Data
Using Central Station as the hub (you can see the estimated commute times below via Transport New South Wales records), and looking at the most prominent stations (those with most frequent services, end of the line suburbs and those with large interchanges), the median house prices, from RP Data, are plotted on. Unit prices are also provided where available. A pretty clear picture emerged of property prices dropping the longer the commute to the city and, of course, strong prices for those areas near the waterfront or the inner city.
Interestingly, the North West Rail Line (the grey shaded area between 1 and 13) will affect prices - currently Kellyville has an $825,000 median house price already with strong growth since the announcement and commencement of the line's construction.
Luckily, employment hubs are becoming further spread out. Those who work in Parramatta face a shorter commute from the more affordable Blacktown suburbs.
For those commuting to the city, here is how long it will take you. The numbers correlate to those on the map above.
- Richmond
(1 hour 15 minutes to Central Station) - Schofields
(54 minutes to Central Station) - Emu Plains
(52 minutes to Central Station) - Blacktown
(35 minutes to Central Station) - Parramatta
(25 minutes to Central Station) - Cabramatta
(45 minutes to Central Station) - Liverpool
(50 minutes to Central Station) - Glenfield
(37 minutes to Central Station) - Campbelltown
(52 minutes to Central Station) - Lidcombe
(25 minutes to Central Station) - Strathfield
(13 minutes to Central Station) - Epping
(27 minutes to Central Station) - Hornsby
(35 minutes to Central Station) - Berowra
(54 minutes to Central Station) - Bondi Junction
(14 minutes to Central Station) - Redfern
(3 minutes to Central Station) - Sydenham
(9 minutes from Central Station) - Bankstown
(36 minutes from Central Station) - Revesby
(24 minutes to Central Station) - Cronulla
(46 minutes to Central Station) - Carlingford
(54 minutes to Central Station)
Source: Transport Sydney Trains
Those that can't afford the near-to-city prices will be required to look further out and compromise, purchase something smaller (for instance, potentially considering a unit instead of a house), buy something in a more run down state for later renovating or continue renting. The choice is yours.
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