Sydney's south west pinpointed as affordable and liveable suburbs: PRD Nationwide

Sydney's south west pinpointed as affordable and liveable suburbs: PRD Nationwide
Sydney's south west pinpointed as affordable and liveable suburbs: PRD Nationwide

Between 2017 and 2018, Sydney Metro median house prices have softened by 5.6%, whilst units have softened at a more moderate rate of 2.5%, according to the latest PRD nationwide livability report.

This reflects a consecutive decline for unit median price, which PRD have stated, presents an opportunity for buyers to break into Sydney's property market and capitalise on increasing affordability.

They have recommended that prospective houses buyers looking for affordable options should look toward Sydney’s South Western suburbs.

Particularly as there is $15.3B worth of development in the pipeline or under construction in the 2nd half 2018 there are many exciting projects that will improve Sydney’s infrastructure, attracting commercial activity and population growth in the near future.

Sydney's south west pinpointed as affordable and liveable suburbs: PRD Nationwide

One of the affordable and livable house hotspots that PRD highlighted is Panania (pictured above), located roughly 20.5km from the CBD.

The suburb has a median house price of $973,000 comprised of a two bedroom median price of $857,500, a three bedroom median price of $940,000 and a four plus bedroom median price of $1,005,00.

Panania is a frequent feature on the affordability and livability report located in southwest Sydney.

The report notes, "it is well-serviced by a variety of shops, public transport, schools, parks and the Western Sydney University.

"Median house price in the suburb of Panania softened by -7.9% between 2017 and 2018, which presents a perfect opportunity for buyers to capitalise on increased affordability."

"Meanwhile investors are benefiting from a low vacancy rate (1.2%) as well as strong rental yields (3.1%)," the report added.

Panania’s appeal will be further enhanced by the $7.0M^ Anderson Ave Mixed Development due to commence in the 2nd half of 2018, according to PRD.

Sydney's south west pinpointed as affordable and liveable suburbs: PRD Nationwide

For apartments however a hotspot that PRD nationwide made note of is Hurstville (pictured above).

Located roughly 13.3km from the CBD, the median unit price is $711,000.

For a one bedroom apartment the median price is $555,840, while for a two bedroom apartment the median price is $705,000.

Three plus bedroom apartments in Hurstville, positioned to the south west of the Sydney CBD, have a median price of $840,000.

The report states Hurstville is well positioned as a business hub for the surrounding areas, and boasts a Westfield shopping centre as well as schools, parks and medical facilities.

"Despite a minor annual median unit price softening of -1.3% since 2017 Hurstville remains a top performing liveable and affordable suburb, with solid rental yields of 3.8% and low vacancy rates of 1.7%."

"Residential and commercial projects valued at approximately $5.8 million in the 2nd half of 2018 will answer future demand and stimulate the local economic growth," the report concluded. 

Tags: 
Housing Affordability Panania

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