You don’t usually find the words ‘Sydney’ ‘bargain and ‘property’ together in a sentence. Unless the sentence was something like: “You will never find a bargain property in Sydney.” The meteoric rise of Sydney’s property prices was felt all around the world.
For over a decade, prices rose at an unprecedented rate, making instant millionaires out of lucky existing homeowners while killing the dream of homeownership for most. For the average working Australian, owning a piece of our beautiful harbor city was simply unobtainable.
The last year has seen most Sydney’s suburbs settle and fall back to reasonable levels. Now is the perfect time to enter into this formidable and fabulous market. While some suburbs continue to rise in value, many previously high performers have dipped considerably, presenting a unique opportunity to the first home buyer or investor.
Talk to a local lender like NPBS about a fantastic rate on a home loan; for very little money you could own your dream home in your dream location in Sydney. Most suburbs have dropped over %10 percent in price in the last year, but some have fallen even further, so where are the best bargain properties in Sydney?
An inner west favorite, Glebe is a cultural haven full of cafes and unique craft stores. Just a short stroll to Broadway shopping center and a twenty-minute walk from Sydney’s CBD, glebe is the quintessential inner-city ‘burb.
2018 Average house price: $1863480
2019 Average house price: $1590000
One of the most storied suburbs in Sydney, Redfern, is dynamic and colorful, snuggled in the heart of our great city. Over the past decade Redfern has seen extensive gentrification, sadly pushing out many long-term residents to make way for cashed-up investors. Happily, Redfern fought back and has retained its unique and powerful charm.
For under 1.5 million dollars, this is a rare opportunity to own real estate in the heart of Sydney. A short walk from the CBD, Redfern represents supreme value.
2018 Average house price: $1618848
2019 Average house price: $1386000
A suburb on the rise, without the rising price tag. Epping is conveniently located, with its train station acting as a local hub. One of the most affordable suburbs this side of western Sydney, with a strong Chinese presence. First home buyers would do well to add Epping to their list of suburbs to watch.
2018 Average house price: $1705200
2019 Average house price: $1450000
Proudly positioned on Sydney’s lower north shore, Gladesville is a leafy riverfront suburb. The mighty paramatta river affords beautiful views and recreation, while Gladesville’s historic, heritage-listed buildings radiate permanence. Home to the Gladesville Bridge, an iconic structure that links Sydney’s inner west to its north shore, Gladesville is a connoisseur’s choice of suburb.
Gladesville has also seen the sharpest fall in prices, its time to contact your lender and invest in a historic part of Sydney.
2018 Average house price: $2017800
2019 Average house price: $1710000
Excuse me? North Bondi included in Sydney’s best bargain suburbs? Yep, much to the chagrin of investors who bought in five years ago. Bondi Beach is famous worldwide and is one of Australia’s hottest tourist destinations. North Bondi is one of the most sought-after locations in Sydney, with countless heritage listed sites and a beach lifestyle to die for.
At over 2.5 million dollars for the average home, North Bondi might not seem like a hot bargain, but when you consider that just a year ago that figure was close to 3 million, a house near Sydney’s favorite beach seems almost affordable.
2018 Average house price: $2948412
2019 Average house price: $2533000
Back in bushranger times, North Rocks was an unsavory hang out for thieves looking for an easy target. Nowadays, its an industrious suburb surrounded by the natural beauty of the Hills district. Minutes away from the M2 corridor, North Rocks is a conveniently located suburb with some very attractively priced properties.
2018 Average house price: $1238880
2019 Average house price: $1068000
Another beachside gem. Dee Why is a popular spot for not only beach goers, but diners too, with a trendy strip of restaurants and eateries nestled on the shore of the beach. Living in Dee Why grants easy access to not only Dee Why beach, but a whole host of fantastic beaches.
2018 Average house price: $1645645
2019 Average house price: $1415000
Suburbs on the rise
I have compiled a list of suburbs that have fallen in value, presenting a great opportunity for those who were previously priced out of their chosen suburb. Buying in now while the prices are down is smart, but what about those suburbs that continue to rise in value? Surely there is some merit in investing in a trend that continues to rise?
Perhaps there is, there is no sign of these suburbs slowing down, meaning the best time to buy is now. Let’s have a look at two suburbs that keep bucking the trends.
The beautiful harbourside suburb of Mosman is a well-known hotspot for the wealthy elite. Stunning homes with stunning views of the stunning city, it’s all so, stunning. Let’s continue getting stunned by the price of an average home in Mosman, and how this has only risen in the last year.
2018 Average house price: $3513250
2019 Average house price: $3737500
More like a gated community for the wealthy string pullers than an actual suburb, Bellevue Hill has always been priced well out of the realm of an ordinary person. Is it really such a surprise that in 2019 average house prices continue to rise?
2018 Average house price: $5358000
2019 Average house price: $5700000
Sydney has long been an expensive city to live in. Housing affordability has been at the forefront of conversation for many years, and it seems that finally, we are seeing some relief. While some suburbs remain the realm of the rich, in 2019 we are finally getting our city back.