The cost of finding a home in Sydney is anything but cheap, and though a recent study found that, thankfully, Sydney’s rental prices are reaching a plateau, it’s still pricey to call Sydney home – especially if you’re looking to buy. In fact, a recent report from Domain has found that house and unit prices in Sydney have reached an all-time high – with the median house price in Sydney standing at $1,595,310. If you’re looking for the good news, though, we've got that, too. As well as sharing that Sydney is the most expensive city in Sydney to buy a home, Domain also shone a light on the cheapest suburbs to buy that are still close to the CBD. Sold? Read on.
Domain’s latest House Price Report (December 2023 Quarter) shows that Australia’s property market has fully recovered from the 2022 downturn, with “combined capital house and unit prices ending 2023 at a new record”. Good news if you’re looking to sell, less so if you’re trying to reach a rung on the ladder.
If you don't want to live far out and would prefer to be in a house or unit within 10 kilometres of Sydney's CBD, Domain has highlighted the best suburbs to look at – and believe it or not, they include Newtown, Chippo and Rushcutters Bay.
These are the cheapest suburbs to buy within 10km of Sydney CBD:
-
Eastlakes
-
Canterbury
-
Hillsdale
-
Rushcutters Bay
-
Arncliffe
-
Newtown
-
Gladesville
-
Chippendale
-
Ashfield
-
Wolli Creek
When asked for her advice to property buyers in 2024, Domain’s economist Dr Nicola Powell has told Sydneysiders to set realistic expectations. "If you decide to enter the market this year, you may benefit from being flexible with your area preferences. Expand your search area and explore different suburbs.”
Then there's the fact that units are a lot more affordable than houses – with a house costing, on average, double the price of a unit.
In short – choosing where to buy wisely might mean you can pay less attention to other money-saving measures (and more attention to Sydney’s best restaurants).
Read the full report over here.