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Westpac Suburb Snapshot reveals best buys in Sydney’s major regions

 

1 February 2014

  • Sydney’s most affordable, average and affluent suburbs per region
  • Regions include City and Inner South, Eastern Suburbs, Inner South West, Inner West, North Sydney and Hornsby, Northern Beaches, Parramatta and Ryde

Westpac has identified the top five most affordable1, the average and the leading affluent suburbs in Sydney’s major metropolitan regions.

The Westpac Suburb Snapshot, developed in partnership with RP Data, has uncovered useful insights for those looking to buy, sell or who are simply curious about their neighbourhood.

Surprisingly, the popular suburb of Paddington is ranked as the second most affordable in the East for units, with a median value of $533,057. This is ahead of Kingsford ($545,925) and Matraville ($569,335).

Families looking for a house with a budget of less than $1million may be interested to know that Berowra and Berowra Heights are ranked in Sydney’s North and Hornsby area’s top three most affordable suburbs, with median house values around $640,000.

After a period of steady gentrification, Redfern has maintained its position as an increasingly sought-after suburb, ranking as the City and Inner South’s fifth most expensive suburb for houses (median value $1,091,940), ahead of Newtown ($870,643) and Chippendale ($777,048).

“Westpac understands that the dream of many Australians is to own their home sooner,” said Gai McGrath, General Manager of Retail Banking at Westpac.

“Identifying that there are particular suburbs in each region that represent value for money is vital when considering a purchase in that area. If paying off your home loan as quickly as possible is a top priority, purchasing at the right price is a great start. www.westpac.com.au

“When looking for a home to buy it’s important to be armed with as much information as possible. The Westpac Suburb Snapshot helps buyers identify insights into affordable and mid-range suburbs in the regions they want to live or invest in, and is similarly useful to those planning on selling their property to identify where their suburb falls.”

Interesting Findings - Westpac Suburb Snapshot:

  • Paddington is ranked as the second most affordable suburb to buy a unit in the Eastern Suburbs, with a median unit value of $533,057 ahead of Kingsford ($545,925) and Matraville ($569,335). Over the past 12 months, 120 units have sold in Paddington, with more than half (52.5%) selling for between $400,000 and $800,000.
  • Carramar is ranked as the most affordable suburb to purchase either a house and unit across all regions, with a median value of $416,585 and $246,049 respectively. While slightly more expensive, Westmead (median unit value $393,381) sold more than 300 units over the past 12 months compared with just 41 in Carramar.
  • Redfern ranks as the City and Inner South’s fifth most expensive suburb for houses with a median value of $1,091,940, ahead of other popular suburbs such as Newtown ($870,643) and Chippendale ($777,048). Over the past 12 months, 84 houses have been sold in Redfern, with the majority (70.7%) sold between $800,000 and $2,000,000.

1 Most affordable suburbs are classed as those holding the lowest median house and unit value within the region.