Sydney first time buyers should ignore the east and head to inner west: HTW
Entry level properties in Sydney’s eastern suburbs are generally limited to units with former industrial areas and unused sites with development, according to HTW’s Month in Review: March 2017.
The valuation firm says Sydney’s eastern suburbs market is a more difficult market for first home buyers to enter due to its desired proximity to the CBD and beaches, therefore attracting higher prices.
“Modern one bedroom units in the $650,000 to $1 million price range can be purchased throughout suburbs such as Little Bay, Botany/ Mascot, Rosebery/Zetland and Waterloo,” the firm says.
“Older style units can also be purchased in this price bracket however the first home buyers grant and stamp duty saving does not apply.”
The report says the inner west market attracts significant interest since the construction and completion of the light rail project contributing to price rises.
Entry level units may be easier to come by compared to some parts of the eastern suburbs, it suggests.
“Older style one and two bedroom units in Dulwich Hill, Marrickville and Petersham can be purchased for $600,000 to $750,000,” HTW says.
“Unit development in the Bankstown, Punchbowl and Lakemba corridor has increased significantly and this has seen units available at relatively affordable prices between $500,000 to $700,000 for new one, two and three bedroom units.
“Bankstown is positioned 20 kilometres from Sydney CBD and the train service will get a commuter into the city in less than 40 minutes.”
A one bedroom unit at 256/3-9 Church Avenue, Mascot (above) is listed with a price guide of $770,000.
Similarly a one bedroom unit at 61/5B Victoria Park Parade, Zetland is listed for between $700,000 to $770,000.
A two bedroom unit at 2/169 Livingstone Road, Marrickville (below) has been listed with a buyers guide of $710,000.
Similarly a two bedroom unit at 3/6 Pigott Street, Dulwich Hill (below) has been listed for $699,000.
