Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Sydney the only capital void of sub $500k houses

Sydney the only capital void of sub $500k houses

The closest suburb to Sydney’s CBD with a median house price lower than $500,000 is 39.5 kilometres away, new research has revealed.

According to CoreLogic’s Property Pulse, the five closest suburbs to Sydney’s CBD with a median house price of $500,000 or less are in the Central Coast.

The Central Coast suburb of Bar Point, which has a median house price of $379,776 (39.5km), was the closest suburb to Sydney’s centre with a median house price below $500,000, followed by Spencer ($391,163/45.8km), Gunderman ($407,727/51.8km), Charmhaven ($484,316/75.7km) and Budgewoi ($489,592/76.6km).

Advertisement
Advertisement

CoreLogic’s research follows regional population and migration data for 2016–17, recently released by the Australian Bureau of Statistics (ABS), which revealed that a significant number of capital city residents opted to relocate over the 2016–17 financial year, with more than 40,000 Sydneysiders seeking housing alternatives.

The data revealed that most Sydney residents moved along the NSW coast, with Newcastle and Lake Macquarie topping the list with 5,502 former Sydney residents, followed by Illawarra in NSW (5,301), the ACT (5,219), Queensland’s Gold Coast (5,179), NSW’s mid-north coast (4,484), Southern Highlands and Shoalhaven (4,435), Hunter Valley (3,997), Central West (3,647), Melbourne’s inner city (3,511) and Melbourne’s west (3,098). 

Sydney did not feature on the top 10 regions of arrival list for former Melbourne, Brisbane, Perth, Hobart or Darwin residents. However, Sydney featured six times on the top 10 regions of arrival list for former Canberra residents, and once for former Adelaide residents.

“Most capital cities have seen a significant decline in suburbs with a median value below $500,000 over recent years, meaning that to access more affordable housing buyers have to move further away from the city centre,” CoreLogic analyst Cameron Kusher said.

Further, CoreLogic also reported that the closest suburbs other Australian capitals with a median house price of less than $500,000 include:

  • Closest to Melbourne’s CBD - Dallas ($447,221/16.1km)
  • Closest to Brisbane’s CBD - Rocklea ($419,922/8.8km)
  • Closest to Adelaide’s CBD – Hindmarsh ($436,500/3.5km)
  • Closest to Perth’s CBD - Glendalough ($422,718/5.1km)
  • Closest to Hobart’s CBD - Montagu Bay ($438,110/3.0km)
  • Closest to Darwin’s CBD - Millner ($489,351/8.1km)
  • Closest to Canberra’s CBD - Charnwood ($452,226/12.2km)

[Related: Residents flee Sydney in search of affordable homes]

Sydney the only capital void of sub $500k houses
mortgagebusiness

Charbel Kadib

Charbel Kadib is a journalist on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts.

Charbel graduated from the University of Notre Dame Australia with a Bachelor of Arts (Politics & Journalism).

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

Three more lenders have announced cuts to their interest rate floors for home loan serviceability assessments in response to APRA’s new gu...

Mortgage-holders are wasting approximately $4.2 billion annually in “unnecessary” interest costs, according to new research. ...

Property price declines have wiped approximately $5.5 billion in revenue from state government budgets, according to a new analysis from Moo...

FROM THE WEB
podcast

LATEST PODCAST: New banks and bank CEOs

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.