In major capital cities like Sydney, the price of housing in most areas is far out of reach for most first home buyers. The median house price in greater Sydney is more than $1.15 million. If you can manage to save up for a 20 per cent deposit and stamp duty, you still need an annual income of more than $186,000 in order to service the loan without stress at a rate of 4.5 per cent.
This puts dreams of home ownership far out of reach for many people. However, there are still a few suburbs where first home buyers with a smaller income may have a chance with Sydney apartments for sale. The best news is that you can still buy in locations that will see your home grow in value while offering a suitable lifestyle.
Botany
Located in south eastern Sydney, Botany sits adjacent to the bayside suburb of Brighton-le-Sands. Once an industrial area, the suburb is much more residential today with a mix of older homes and new units. Sitting just 10 kilometres away from the city and nudging the inner west, Botany is a great choice for those who want the lifestyle of the eastern suburbs without the hefty price tag with some places going for $600,000.
Marrickville
Lots of first home buyers are young people who still want to be close to the action. Marrickville is an inner west gem that offers easy access to the city via public transport along with all the other delights of inner Sydney, including multicultural restaurants and grocers, hip cafes and wine bars.
Penrith
Many buyers priced out of the market are heading to Greater Western Sydney. Penrith is among one of the most popular options. Once similar to a big country town, today Penrith is a busy suburban area with a diverse demographic. Those who make the move can enjoy affordable property priced as little as $200,000 to $300,000 along with cool bars and cafes that continue popping up as younger people flock to the area.
North Parramatta
Once a farming settlement, Parramatta is now the cultural centre of the west boasting everything from arts and fine dining to excellent infrastructure and public transport. West Parramatta is affordable and features a thriving multicultural community. It’s a great place to live for everyone, from families to young professionals. Across the river, North Parramatta offers access to nice parks and beautiful heritage buildings.
Need Property Investment Tips in Australia?
If you’d like advice on how to invest in property or services relating to buying and managing investment properties in Australia, speak to the experienced team at H&T Realty in Sydney. Countless investors rely on our experienced consultants for property investment strategies and property investment tips. Call us today on 02 8045 5388 or contact us online.
