Are you on the hunt for a new house to buy or rent in The Emerald City? Well, you may just be in luck.
It's not news that Sydney's property market has been taking a long-winded plunge into the harbour... However, for buyers and renters, it's not all doom and gloom. There's more opportunities and choices to be found within a market that was previously less attainable and affordable.
If you're a budget-conscious citizen and you're burning to know where you can find the very cheapest house prices in Sydney or the cheapest suburbs to rent in Sydney, read on… We've got the answers!
Cheapest suburbs to buy in Sydney
Sydney has been leading the way in a national property downturn that has spanned the past 18 months, with housing values in the NSW capital falling 10.9% over the 12 months to February 2019. For sellers, it's a disaster! For buyers, it's long overdue good news.
Interestingly, the premium housing market has bared the brunt of it, while the cheapest suburbs to buy in Sydney have remained steady amongst the decline, largely due to a surge in first home buyers.
It's no surprise that buyers are snapping up opportunities in the cheapest suburbs in Sydney to buy a house. But, where exactly are these gems?
Top 5 cheapest suburbs in Sydney
According to a new joint study released by Aussie Home Loans and CoreLogic identifying the top 20 most affordable suburbs for houses and units, the suburb of Tregear, located in the Blacktown city council in Western Sydney, ranked as the cheapest suburb to buy a house in Sydney, with a median price of $437,734.
"The suburb of Tregear in Western Sydney ranked as the cheapest suburb to buy a house in Sydney, with a median price of $437,734"
The most affordable suburbs in Sydney tend to be situated within the Blacktown city council region. The outer western suburbs, offering a multicultural flavour, are the only areas in Sydney where you can find median house prices coming in under $500,000.
Rounding out the top five cheapest suburbs to buy a house in Sydney are:
For apartment living, the cheapest median prices are found in:
Fairfield and Carramar are the closest to the city at an approximate distance of 30 kilometres. Close to the amenities of Fairfield, Carramar offers a quiet and family-friendly atmosphere. Apartments also give strong rental yields of 5.3% and steady annual growth, making it a good choice for investors.
When searching for a property to buy, consider how much commuting will cost you in time and money. In some cases, it may be more affordable in the long run to purchase a property a bit closer to the city.
Suburbs within 10 kilometres of the CBD
According to the same study, the top five cheapest areas to buy in Sydney when looking for a house in the 10 kilometre radius of the city are:
- Turrella - $1,032,092
- Waterloo - $1,038,818
- Sydenham - $1,041,312
- Arncliffe - $1,043,939
- St Peters - $1,061,385
Out of these, Sydenham and St Peters were recently listed as two of Sydney's best neighbourhoods to live in.
The most affordable suburbs within 10 kilometres of the city to buy an apartment are:
- Eastlakes - $558,791
- Croydon Park - $577,788
- Hillsdale - $604,345
- Canterbury - $615,379
- Ashfield - $635,278
Out of these, Ashfield came out on top as the best neighbourhood to live in Sydney, with strong growth rates for house prices, excellent local infrastructure and public transport, as well as high-ranking schools and plenty of entertainment and dining options.
"Ashfield came out on top as the best neighbourhood to live in Sydney"
For those looking for the cheapest beach suburbs Sydney has to offer, the Botany Bay burbs of Hillsdale and Eastlakes are great choices.
The value and lifestyle conveniences can't be overlooked. Eastlakes also ranks at number 15 on the list of cheapest suburbs to buy a house in Sydney within 10 kilometres of the city, with a median house price of $1,216,885.
Suburbs within 10-20 kilometres of the CBD
Within 10 to 20 kilometres of the city, you could grab a house bargain in:
- Granville - $647,781
- Wiley Park - $649,177
- Chester Hill - $691,938
- Yagoona - $750,803
- Lakemba - $789,332.
Lakemba, Wiley Park and Granville also make the list of cheapest median prices for apartments, with Lakemba being the most affordable ($391,924) and closest at just 14 kilometres from the city.
Rounding out the top 5 cheapest suburbs to buy apartments are:
- Lakemba - $391,924
- Wiley Park - $414,066
- Regents Park - $431,636
- Punchbowl - $445,696
- Granville - $452,066
Cheapest suburbs to rent in Sydney
It's good news for renters!
The Sydney rental market experienced a -1.8% drop in the price of renting a house in the last year alone and is now inline with 2016 rents. Apartments are on par with 2017 prices as they too decline.
The Domain report states that the median price for a house rental in Sydney is now $540 per week, while apartments are down to $530 per week. With rental supply expected to increase, tenants now have more power to negotiate the terms of a lease.
Naturally, this data is influenced by the various areas in Sydney where the average rent is lower, but, as in most cases, the closer you get to the CBD, the more rent will start to rise.
We've outlined the cheapest rental areas in Sydney where you can get more bang for your buck!
Suburbs within 10-20 kilometres of the CBD
When renting for convenience and lifestyle factors, finding a place within 10 to 20 kilometres of Sydney's bustling CBD is best. Suburbs still exist that are flying under the radar and offering rent prices well below the average for apartments. These include:
- Croydon Park - $425 p/w
- Gladesville - $485 p/w
- Ashfield - $490 p/w
- Eastlakes - $490 p/w
Just 8 kilometres away from the CBD, the sought-after location of Ashfield is not as expensive to rent in as many would think, with units sitting below the Sydney average rental price at $490! With its close proximity to the CBD, convenience will be your friend as commute time is also easy and more affordable.
Roughly 11 kilometres from the centre, Croydon Park offers a lot of value with the average advertised rental price for a unit being $425 per week, making it the cheapest suburb to rent an apartment in relation to its closeness to the city.
"Just 8km away from the CBD, the sought-after location of Ashfield is not as expensive to rent in as many would think"
Just under 12 kilometres away from the CBD is Gladesville, where the average unit rental is $485. For more value for money, consider renting in Eastlakes where, just eight kilometres to the centre, the average rental price for apartments is $490.
Looking to nab a bargain rental house with easy access to local amenities and public transport? If you are, then look no further than Campsie, Canterbury and Bankstown! All three hotspots not only sit under 18km away from the CBD, but they also have median rent prices of $600 and under!
Suburbs further than 20 kilometres from the CBD
Further out, in areas where you have to commute more than 20 kilometres to the city, you will find relatively cheap rent for both houses and units in certain pockets.
For rental houses, you can find snap up a rough deal in:
- Willmot for $340 p/w
- Carramar for $400 p/w
- Leumeah for $400 p/w
- Blacktown for $435 p/w
- Regents Park for $480 p/w
And for rental apartments, you can grab these deals in the same areas:
- Carramar - $320 p/w
- Leumeah - $340 p/w
- Blacktown - $420 p/w
- Regents Park - $420 p/w
Talk about a bargain!