It might be tough finding a home in Sydney but experts say there is no reason to give up hope especially for first-time buyers.
Affordable real estate is hard to find in the Sydney area but it is not impossible. Malcolm Gunning, Real Estate Institute of NSW (REINW) president, said people who are looking to buy affordable property are advised to look in regions that are within 30 kilometers of Sydney. According to The Daily Telegraph, Gunning pointed to Wentworthville, Toongabbie and the southwest areas such as Ingleburn and Campbelltown that still offer affordable properties.
For house owners-to be, the suburbs of Willmot, Tregear and Whalan are offering the most affordable prices in the region. House prices begin at $375,000 and can only reach as high as $388,000. Apartment dwellers would want to check out Winston Hills, Wollondilly and Bradbury where median prices are set between $278,000 and $299,500. Gunning also added Windsor to the list of affordable areas in the outer ring of Sydney. "In the Canterbury-Bankstown area, Canterbury and Belmore are areas that are very affordable and they really represent what the inner city was like 20 years ago," he said.
Entry level prices are still available in the Blue Mountains region and the Central Coast. In San Remo, the median price of a house is $330,000 and $210,000 units are available in Berkeley Vale. In Hazelbrook, the median price of a suburb home is only $415,000 while in Katoomba there are units that cost $302,500. Gunning explained why the Blue Mountains is a good place to reside in. He said, "The Blue Mountains has a very good train system. Houses are not far from the railway station and houses particularly near railway transport is where you're going to get your growth."
In a report by Financial Review, the Sydney housing market is reportedly cooling off with more sellers trying to get into the game in September as compared to last year in the same period; listings in Sydney increased by 7.6 percent for September.
