Dreaming of owning a home but feeling priced out of the property market? You're not alone. Last year, Sydney earned the dubious distinction of being the second most unaffordable city in the world for housing, after Hong Kong. Getting a foothold on that property ladder feels impossible for most Sydneysiders, but there is hope.
A new report featured on 9news.com.au highlights inner-city suburbs across Australia where first-time buyers might still be able to snag a (relatively) affordable place.
Here in Sydney, Zetland – just 6km from the CBD – emerges as the most affordable inner-city suburb for houses, with entry-level prices around $1.4 million (around $350,000 less than the suburb's median house price). If you’re after an affordable unit, Ultimo is the ultimate choice, with entry-level prices starting at $556,000, followed by apartment units in Canterbury and Chippendale (which, incidentally, was ranked as the coolest suburb in Australia in 2024).
If you’ve got your eye on the Inner West, houses in Sydenham hover around $1.51 million, while edgy Newtown is closer to $1.65 million.
Wondering how Sydney stacks up against other capital cities? Here's a quick snapshot:
- Melbourne: Maidstone offers entry-level houses at approximately $768,000, while Carlton's units start around $290,000.
- Brisbane: Rocklea offers houses at $673,000, and units in Spring Hill are priced at $462,000.
- Adelaide: Houses in Lightsview start at around $700,000, with Kurralta Park units priced at $431,000.
- Perth: A house in Nollamara costs $627,000, and units in Wembley start at $405,000.
- Darwin: Coconut Grove houses are priced at $481,000, and Millner units at approximately $295,000.
- Canberra: In our nation’s capital, Belconnen offers houses for $481,000, and Lyons has units priced at $347,000.
- Hobart: Tassie residents should look in Risdon Vale for houses available from $439,000, and Glenorchy for units starting at $414,000.
- There’s no denying it, Sydney’s property prices are stratospheric. While quite a few Sydneysiders made a sea change (or tree change) to regional towns during lockdown, others are willing to make a move to other capital cities so they can fulfil the Aussie dream of buying a home. All that being said, Sydney's strong job market, super appealing lifestyle and iconic appeal are hard to beat – which is why so many of us choose to stay put and keep on keeping on, despite the sky-high cost of housing