In south-west Sydney, choices diminish for property below $500,000: HTW

The south-west property market over the past 12 months has seen the opportunities to buy into the market for sub-$500,000 diminish, according to property valuation firm Herron Todd White’s residential market report for July. 

The Fairfield sub-$500,000 market is now predominantly made up of dated 1960s and 1970s low rise two-bedroom, one-bathroom units, many requiring refurbishment or works to common property. 

Rarely available are units in modern developments and at this price point, a 2000s built two-bedroom, 1/2-bathroom unit in a large high rise complex may be available but the limited access to sunlight and privacy from the balcony will need to be considered. 

The Liverpool sub-$500,000 market is mainly focused on the unit market which is centred on the CBD of this regional town. This is by far the best performing unit market for both quality of product and city centre location within the south west region. If you look towards the future, the Liverpool city hub will be the central focus point for living, working and entertainment in the south west region with the ease of access to the shopping centre, train station and schools major attractions for both owner occupiers and tenants. 

This time 12 months ago we spoke about the potential to enter the sub-$500,000 in suburbs such as Ashcroft, Busby, Miller and Cartwright. In the past six months this market has quickly evaporated. 

There is minimal evidence of such sales now and if they do appear, they are mainly near land value with the improvements usually presented in very poor condition and in need of a considerable amount of capital outlay to occupy. 

Further afield, Campbelltown, some 55 kilometres from the CBD, still offers plenty of opportunities to enter the sub-$500,000 for both dwellings and units. Suburbs such as Ambarvale, Airds, Bradbury and Englorie Park offer an abundance of choice from 1970s 2-bedroom low rise units to 1990s 3-bedroom, 1-bathroom homes on sub-500 square metre parcels. These areas can only benefit from future urban sprawl. 

To illustrate the point, Property Observer found a two-bedroom townhouse at 14/10-18 Allman Street Campbelltown, (above) which was sold for $436,000. The median price for units in the suburb was $410,000 while for houses it was $580,000, according to CoreLogic.