The Top 5 Cheapest Suburbs in Sydney
For first-time homebuyers, purchasing a home in Sydney is often unattainable due to the high house prices that still reign supreme, despite a slump in prices after the city’s housing market peaked in mid-2017. With a median house price of $1,027,962 recorded in April this year, the average price of property is still out of reach for many buyers interested in investing in property.
However, many of Sydney’s outlying suburbs offer especially first-time buyers and investment property gurus the opportunity to acquire property at very affordable prices, with a big chance of significant return on investment, should the downturn in the property market subside, as many experts think it will.
Especially for first-time buyers looking to expand their equity by investing in a property, finding something affordable is key to being able to make the purchase, and the suburbs surrounding Sydney compare very favourably in terms of what is on offer.
Often former resort towns that have recently been gentrified, many outlying suburbs provide homebuyers with all the amenities they need, together with access to the beaches, lakes and parks that these suburbs are characterised by.
These suburbs are especially popular with young families looking for a property that accommodates a more laid-back lifestyle than the rat race in the city, while still being close enough to more metropolitan areas for services they might not be able to access where they live.
These are beacons of tranquillity that you won’t pay an arm and a leg for, but that you well might earn a buck on when you decide to move again.
Take a look at the five most affordable Sydney suburbs of 2019.
Located approximately 90 minutes from Sydney, San Remo is a suburb located in the Central Coast region in New South Wales. Residents often describe this suburb as homely and evoking memories of days gone by. Away from the hustle and bustle of Sydney, this area is popular with families and retirees, with a local primary and high school fulfilling the educational needs of this community.
San Remo feels very much like a small town, with amenities plentiful and practically always around the corner.
The suburb has many public green spaces and parks and the beach is just a quick bike ride away.
From an investor’s point of view, San Remo is a great and affordable option if you’re looking to buy property to rent out, or if you are looking for an affordable holiday home.
Indeed, affordability is what makes San Remo a property buyer’s dream: although an investor looking for a turnkey property in the suburb acquired a three-year-old, five-bedroom San Remo acreage for the record-breaking price of $1.25 million, the median house price in San Remo is far lower at $465,000.
Residents describe Gorokan as a place reminiscent of the Sydney of yesteryear. This is a friendly neighbourhood with many nearby amenities and a number of public and private schools and public transport options.
For lovers of the great outdoors, Gorokan offers easy access to the nearby Budgewoi Lake, Norah Head and Soldiers Beach, with the suburb’s many parks providing space to take a breather.
Easy access to the freeway see many residents commute to work in Sydney from Gorokan daily, sometimes even spending less time in traffic than they did when they still lived in the city.
Gorokan means “The Morning Dawn” in the local Aboriginal language, and if you are a first-time property buyer, this could, indeed, be the place where you start afresh. The weekly rent averages $370, while you can expect to meet a $423 weekly mortgage repayment, making this suburb one of the most affordable in New South Wales.
With a population of just over 7,000 people, Gorokan is close-knit community that offers value for money and a good return on investment for property seekers.
Another gem of the Central Coast, Charmhaven’s name says it all. With median house prices in Sydney being out of the league of many people looking to buy property for the first time, suburbs like Charmhaven offer an affordable alternative not too far from the city, where residents can revel in the natural beauty of this part of the country.
Its close proximity to the beach and access to Budgewoi Lake makes Charmhaven feel like a resort town all year round. One of the area’s most famous residences, located at 181 Pacific Highway, is the epitome of the beach lifestyle that characterises this suburb. It recently went under the hammer, with bids for the large beach house starting at $490,000, and this tells you everything you need to know about the available property in Charmhaven.
Nature lovers regularly frequent the Charmhaven Park, Parkside Reserve and Charmhaven Reserve. Neighbours are welcoming, amenities are close and Sydney is just an hour-and-a-half away.
Situated between Munmorah and Budgewoi Lakes, Budgewoi is a resort town with a population of just more than 3,000 people. Meaning “The Meeting of Two Waters”, Budgewoi officially took its name in 1978, becoming popular among retirees and holidaymakers.
Residents praise its many amenities “without the crowds”, and the area is also popular among fishing enthusiasts. A quick climb up to the Norah Head lighthouse, completed in 1903, gives tourists and residents a chance to do some whale watching, and Budgewoi Lake is also a popular recreational spot, attracting paddlers and fishermen.
In fact, many of the properties in Budgewoi have lake and/or ocean access – this, despite the overall affordability of both rental property and homes that are for sale : weekly mortgage repayments in Budgewoi average $449, while the average weekly rent in the suburb is $355.
The median house price in Budgewoi is around $520,000 and even after an increase in house prices of just over 5 percent noted earlier this year, Budgewoi is still among the most affordable and sought-after suburbs around Sydney.
Close to 4,000 people call Tregear in New South Wales home. This suburb, located close to an hour from Sydney, held the number five spot in Your Investment Property magazine’s annual top 10 Australian suburbs for investors in 2017. Just a little earlier this year, a seven-bedroom fixer-upper in Tregear sold for the giveaway price of $395,000.
Together with Wilmost and Emertom, Tregear was again listed as one of the most affordable suburbs in Sydney in 2018.
The Tregear Reserve is popular amongst dog walkers and fitness enthusiasts alike, and the nearby Westfield Mount Druitt Shopping Centre is located just 10 minutes away from this hamlet.
With only two sets of traffic lights in town, Tregear epitomises small-town living. If you’re looking to take things down a gear and are searching for an investment property not too far from the big city, Tregear is one of your best bets.
When buying your first property, experts recommend that you make a list of things you are looking for in a property before you even start hunting. Of course, an affordable price can be tempting, but if a property does not fulfil all the owner’s needs, chances are that buyer’s remorse may be on the cards soon.
The five most affordable suburbs in Sydney have tantalising properties on offer that will have especially first-time buyers and investment property seekers salivating, but homebuyers should take care to comprehensively research and visit each suburb before making an offer to purchase. Speaking to the residents in a town should give buyers an instant sense of what living in one of these outlying suburbs is really like.
San Remo, Gorokan, Charmhaven, Budgewoi and Tregear are all described as homely suburbs that recall a bygone era, while providing plenty of opportunities for rest and relaxation on beaches, next to lakes, and in lush green spaces – together with easy access to basic amenities and schools. Each suburb has their own particular character, and potential buyers will do well to visit every suburb to see which one is a fit for them.
To find out what properties are available in the most affordable suburbs in Sydney, using a trustworthy, experienced and qualified real estate agent will help buyers to find a property that suits their pocket, their lifestyle and their financial and equity aspirations.
Experienced real estate agents understand the areas they do business, have extensive knowledge of the local property market, and understand which properties are bargains, and which properties are better to avoid. Having a real estate agent that is up to date with the conditions of the property market helps buyers to navigate the winding avenues that make up the real estate industry.
Perfect Agent provides property buyers with an extensive list of great real estate agents doing business in and around Sydney. By simply filling out a brief questionnaire, we’ll recommend a list of real estate agents to help you search for that perfect property, based on your specific preferences. Our agents are thoroughly vetted to ensure that they offer top-quality service to homebuyers, sellers and renters looking for a property they can afford. Looking to buy in Sydney? Contact Perfect Agent.