Camden tops list of Sydney’s most affordable regions
Camden, in Sydney’s south west, has been named Sydney’s most affordable area to buy a property.
According to new data, the LGA in the Macarthur region presents the best value for money overall.
The findings by CoreLogic, in conjunction with ANZ, for the inaugural Housing Affordability Report, reveal it takes 8.3 years of saving 15 per cent of household incomes to accrue a 20 per cent deposit for a property in the area.
MORE: A CLOSER LOOK AT PARRAMATTA’S TALLEST TOWER
SHOPPING CENTRE HITS MARKET WITH $70 MILLION PRICE TAG
This compares to places like Pittwater, deemed the least affordable, where it takes 17.7 years.
The figures also compare the ratio of dwelling prices to annual household incomes, which is 6.2 times in Camden — far less than Manly’s 11.5 times.
Penrith, Blacktown, Parramatta and Mount Druitt round out the five most affordable areas.
CoreLogic’s head of research, Cameron Kusher, said with the nation seeing its most favourable housing affordability levels in three to four years, these regions would continue to offer buyers great value.
“The cost of housing is generally cheaper on the outskirts than in the inner areas … so these spots tend to stack up better,” Mr Kusher said.
“For first home buyers, some of these areas will become even more attractive, particularly as this (Liberal) government pours money into transport infrastructure in the area — and the Badgerys Creek airport being built will create more interest,” he said.
Camden’s current median house price is $660,000. Catherine Field, Currans Hill and Narellan Vale come in below that, starting from $532,500.
While he was surprised by the findings, director of My Property Consultants, Greg Copeland, said the region was seeing a new “mix of affordable products” in Spring Farm, Oran Park and Gregory Hills.
“Prices have come back 12 to 15 per cent so we are back to 2015 prices … we are selling more than a house a day,” Mr Copeland said, adding his team held an open home on Saturday which saw a whopping 38 inspections.
According to the research, all five hot spots presented the opportunity for buyers to save a deposit in between eight and nine years.
Out west, house hunters can snap up a three- or four-bedroom house for $500,000 or less. A home with modern interiors on 601 sqm in Tregear, near Mt Druitt, sold last week for $395,000.
The majority of Penrith suburbs have median house prices below $800,000. Some of the cheapest include Cambridge Park, Colyton and Werrington County, which come in under $650,000.
While its property values are higher, Parramatta continues to be a popular choice for buyers.
Considered Sydney’s second CBD, the booming western Sydney pocket includes Toongabbie, which has a $795,000 median price and Winston Hills, where the figure is $950,000.
Even million-dollar suburbs Parramatta and Rydalmere have seen prices fall 12 per cent in a year, creating new opportunities.
Professionals Ermington agent Paul Tassone said buyers could get “a nice family home” in Rydalmere for the price of a unit in nearby Ryde.
SIGN UP FOR THE NSW REAL ESTATE NEWSLETTER
“Parramatta does offer buyers more bang for buck,” Mr Tassone said. “I have noticed the older generation, who bought 60 years ago, are now selling and a lot of young couples are buying those houses.”
He said the local market was on the up, with inspection numbers doubling and sale prices beating the set reserve since last month’s Federal election.
FIVE MOST AFFORDABLE METRO AREAS (according to the ANZ-CoreLogic Housing Affordability Report):
- Blacktown — North
- Mount Druitt
FIVE LEAST AFFORDABLE METRO AREAS:
- Dural-Wisemans Ferry