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Australia’s largest property market may currently be cooling, but Sydney’s property prices reached a withering median house price high of more than $1 million during its real-estate boom.
Today, Sydney’s median house price still sits around the $1.01 million mark, with the median unit value circa $750,000, pricing many out of the market.
A new report released by onthehouse.com.au reveals buying options do exist for buyers seeking a piece of Sydney's pricey real-estate landscape.
The report offers Sydney buying options for purchasers with three varying budgets: up to $500,000, $500,000 - $750,000 and $750,000 - $1 million.
Having crunched the data and taking into consideration distance to the CBD, onthehouse.com.au found unit options are aplenty for prospective buyers, while the great Australian dream of owning your own house is still harder to secure.
Sydney’s units dominate the findings with a choice of 143 suburbs where the median unit value is under $1 million, explains Onthehouse.com.au David Maire.
Related: Here’s How Close You Can Get to the CBD with $500,000
You may have more bang for you buck in this price bracket, but the $750,000-$1 million price bracket will only secure a unit within Sydney's 15 kilometre CBD radius.
Maire suggests suburbs such as Eastwood, with a median unit around $753,850, and Greenacre $941,759.
Maire says buyers need at least $500-$750k to buy a house in Sydney's main capital region.
"However the closest to the CBD you could get would be approximately 29 kilometres away, with the suburb of Busby coming in with the lowest median value for houses at $675,210.”
“If you’ve got less than $500,000 to spend, the Sydney suburbs of Lakemba and Wiley Park are the most central and affordable options. Both have a median value for units under $500k and are both within 15kms of the CBD,” Maire said.
