Home-buying hopefuls are feeling the pressure of sustained high interest rates and high Sydney house prices, and it’s affecting where they look.
Sydney house prices have jumped in a string of affordable suburbs and fallen in a handful of more expensive areas over the past year.
House prices spiked by more than 20 per cent in western Sydney suburbs including Cabramatta, Fairfield, Claremont Meadows, Rosemeadow and Wentworthville, which all have a median house price of $1.22 million or less.Outliers included sought-after inner suburbs Glebe and Coogee .
Powell said these areas had a median house price well above greater Sydney’s and may have some compositional change – owners of the most expensive properties can afford not to sell during a weak patch, so sales of lower-priced homes bring down the median. “The suburb has everything you need. There’s good food, culture, and public transport has improved. However, we have been seeing parents return to Cabramatta to retire and be closer to their children as the travel can be quite a lot,” he said.In Sydney’s inner suburbs and east, buyer’s agent Stuart Jones said some buyers were price-sensitive during the cost-of-living crisis.
“When we first started, they were around $1 million. This was pre-COVID, that would get you a decent place ,” the 29-year-old builder said.“I just didn’t think it was worth paying that to live in Engadine, so we decided to go closer to the beach down south with the same sort of budget.”
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