The housing market in Sydney is no joke. In fact, a recent study revealed that Sydney’s housing market is the second most unaffordable in the world, and with the cost of living in Sydney rapidly increasing (faster than it is in regional areas), it makes sense to consider setting up camp outside of the city. While there are a lot of regional areas where house prices are still pretty steep (popular spots like Byron Bay, we’re looking at you), there are towns and suburbs across NSW where homes cost a full 50 per cent less than they do in the city.
According to the PropTrack Home Price Index from realestate.com.au, house prices in Sydney have reached record highs over the past year. Frankly, we’re unsurprised. But what is surprising is the stark difference between house prices here and in towns and suburbs just a few hours from Sydney. PropTrack's recent report found that NSW is home to more half-price suburbs (suburbs where the median house price is 50 per cent that of the state’s capital) than any other Aussie state. That said, the main reason for this is that Sydney’s astronomically high house prices.
As Australia’s most expensive city (for buying a home, Canberra is currently the most expensive to live in overall), the median house price in Sydney sits at $1.429 million. But if you’re happy to live outside of the city, you could snag a home for half the price. To help homebuyers for whom $1.429 million is somewhat out of reach, the team at PropTrack put together a list of NSW suburbs with a median house value that’s around 50 per cent of Sydney’s median.
According to their research, the NSW suburbs where houses cost half as much as in Sydney include several suburbs on the Central Coast, six suburbs in the Hunter Valley, two suburbs in the stunning Shoalhaven region and more. The Newcastle and Lake Macquarie region is home to the highest number of half-price suburbs, and with easy access to NSW’s second-largest city (one of the world’s best-kept travel secrets), we’d say moving here isn’t a bad shout. Surprisingly, two suburbs within the Greater Sydney region also made it onto the list – a reflection of Sydney’s huge and growing wealth disparity.
Of course, living outside of the city is a luxury that not everyone can afford, with PropTrack economic research director Cameron Kusher explaining to realestate.com.au that making a move to one of these regions would only be possible for people with flexible working conditions. But, with office attendance still significantly lower than it was pre-pandemic, moving out of the city is a lot more achievable for a lot more people. Several of the suburbs listed are within commuting distance of Sydney, so if you’re not needed in the office five days a week, moving to these affordable areas could be an option.
According to PropTrack, the NSW suburbs where houses cost half as much as they do in Sydney are:
- Batehaven (Capital region)
- Yass (Capital region)
- Charmhaven (Central Coast)
- Gorokan (Central Coast)
- Halekulani (Central Coast)
- Kelso (Central Coast)
- Toormina (Coffs Harbour - Grafton)
- Heddon Greta (Hunter Valley)
- North Rothbury (Hunter Valley)
- Lemon Tree Passage (Hunter Valley)
- Tanilba Bay (Hunter Valley)
- Gillieston Heights (Hunter Valley)
- East Maitland (Hunter Valley)
- Warilla (Illawarra)
- Laurieton (Mid-North Coast)
- Lakewood (Mid-North Coast)
- Gateshead (Newcastle and Lake Macquarie)
- Birmingham Gardens (Newcastle and Lake Macquarie)
- Barnsley (Newcastle & Lake Macquarie)
- Glendale (Newcastle & Lake Macquarie)
- Jesmond (Newcastle & Lake Macquarie)
- Edgeworth (Newcastle & Lake Macquarie)
- Woodrising (Newcastle & Lake Macquarie)
- Bolton Point (Newcastle & Lake Macquarie)
- Lloyd (Riverina)
- Bourkelands (Riverina)
- North Nowra (Southern Highlands & Shoalhaven)
- Basin View (Southern Highlands & Shoalhaven)
- Tregear (Sydney - Blacktown)
- Warragamba (Sydney - Outer West and Blue Mountains)
You can read the full report (and plan your tree change accordingly) over here.
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