The best value suburbs for houses and apartments in Sydney’s south eastern suburbs this spring
Madeline and Eoin Loughman and their young daughter, Winter, are looking for a family home this spring and one of the area’s they’re looking in is Chifley.
“We were uncertain about where the market was heading since the start of the year but now it looks as if it’s bottomed out and we’re feeling a lot more comfortable looking at properties,” Mrs Loughman told the Southern Courier.
Their second child — still to arrive when this photo was taken last week — is now here and it’s going to be a tight squeeze in their tiny Maroubra apartment.
MORE: Market fires up: ‘A fantastic spring’
Buyer saw $1.9m flat for first time on auction day
But there’s ample room for even more kids in the five-bedroom home at 1359 Anzac Pde they’re considering.
“We have family who currently live in Chifley and it’s a suburb that seems to have a lot going for it,” Mrs Loughman, who is an account manager for an IT company while her husband is in freight rail logistics, said.
Century 21 Maroubra’s Clay Chigwidden has a $1.85 million price guide for the modern home, which is on a huge 561 sqm block.
It’s up for auction this week — the first Saturday auction day of spring — and he’s quietly confident of a sale.
“A lot of families see a lot of value in Chifley,” Mr Chigwidden said.
“They start off looking in suburbs like Maroubra or South Coogee and discover they’re priced out … but you’ve got national parks close by and beaches at Malabar, Little Bay and La Perouse.
“And there are trendy little cafes not far away.”
Chifley is one of the best-value suburbs for houses in the Southern Courier readership area, according to CoreLogic data, which shows it’s the seventh most-affordable with its median house price of $1.65 million.
It’s weathered the recent property downturn better than most, with the median price down just 4.3 per cent over the past 12 months.
The top five suburbs with the most affordable houses are Mascot with its $1.3 million median house price (-5.1%); Eastlakes $1.33 million (-21.6%); Botany $1.41 million (-8.4%); Eastgardens $1.47 million (-2.6%); Pagewood $1.5 million (-12.5%).
LJ Hooker Mascot’s Terry Zakis says a lot of young families are starting to appreciate that Mascot really does represent good value.
“We’re only 10 minutes from everywhere you want to be — the beach, the city, transport hubs and we’ve got good shopping and good schools,” he said.
He expects a recently listed three-bedroom home with a decent sized back yard at 21 Johnson St to be popular, with its price guide being exactly the median house price.
It had 20 groups through its first open house last Saturday and goes to auction on September 14.
Mr Zakis said this spring is shaping up to be far stronger than last year’s prime selling season.
“The numbers coming through the open homes are a lot better and a lot of people are trying to buy them prior to auction, which is a significant turnaround since last year,” he said.
The top five suburbs for the most affordable apartments are Eastgardens with a $956,000 median price (-16.6%); Clovelly $1.3 million (-14.5%); Coogee $997,500 (-14%); Little Bay $993,000 (-14%) and Kensington $825,000 (-9.8%).
The Agency’s Mary Howell has a charming three-bedroom 136 sqm semi-style apartment that’s hit the market at 3/11 Barry St, Clovelly, that she’s expecting to be popular with its ocean views from the rear deck. It also has a front balcony.
It’s big enough for young families but is also likely to appeal to young professional couples and downsizers along with first home buyers who have parental help.
It has a $1.5 million to $1.6 million price guide ahead of a September 21 auction. “It ticks a lot of boxes for people,” she said.
Ms Howell estimates that it would have sold for as much as $1.8 million at the top of the market in 2017, based on the sale of a similar apartment in a block of four across the road that sold for that price.