Where to buy in NSW for under $500k
DESPITE the Sydney housing boom seemingly being over, it is near impossible to find a house for under $500,000.
While this may be the case, there are still a few secret spots across New South Wales and even in Sydney where you can snap up a house for under that magic mark.
A tree change or a sea change are a buyers best bet when it comes to spending under $500,000, with some of New South Wales’ most picturesque lifestyle spots like Wollongong and the Central Coast still in reach.
Agent James Ianni from Bevans in Wollongong said affordable property in these places was attracting both first home buyers and retirees.
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“There are a lot of buyers coming from out of the area wanting to live in a lifestyle hotspot,” he said.
Daniela Spinelli recently purchased a one-bedroom apartment for $495,000 in Avante Wollongong.
While she would have liked to have bought into Sydney, it simply wasn’t possible to get anything of similar quality for the price she paid.
“If I were to spend that much in Sydney I would be living out in the suburbs in a shack,” she said.
Whether you’re a first homebuyer struggling to get into the Sydney market or just looking for a change, below are some of the best places you can hope to buy without breaking the bank.
Here’s our list of where to buy:
Units across much of Western Sydney can be purchased for below $500,000, with areas like Liverpool, Fairfield and much of the Macarthur and Penrith areas all within that price range, according to CoreLogic data.
Very small pockets in the Blacktown area like Willmot and Tregear, with median prices of $475,000 and $490,000 respectively, have cheap homes available as well, and are only a 50 minute drive to the CBD.
Situated in the Blue Mountains, Lithgow is a fantastic lifestyle location for buyers looking for an affordable inland haven. Just a two-hour drive from the CBD, the median house price in Lithgow is $300,000. There are currently a number of vacant blocks of land on the market, providing a blank canvas for those who might want to build their dream home.
Being close to the beach and just a 90 minute drive from the Sydney CBD, you would expect prices to be at the higher end of the scale. Not so in Wollongong, where there are plenty of cheaper units on the market and a few pockets of housing. In the Wollongong Council area there are two suburbs with a median house price under $500,000. Warrawong and Cringila both have a median price of $470,000 and are just a short drive from both Wollongong and beaches. Apartments throughout the region are also relatively affordable, with new one-bedroom units in the CBD available for under $500,000.
San Remo, Mannering Park, Gorokan and Doyalson are just a few of the affordable suburbs on offer on the Central Coast. Still only a few hour’s drive from Sydney and close to the water, savvy buyers can pick up a bargain in these areas, paying between $375,000 and $500,000 for a freestanding house.
THE REST OF NSW
Large regional towns like Goulburn, Bathurst, Dubbo and Orange provide the chance to buy into some of NSW’s most historic townships. Bathurst in particular has Charles Sturt University and is home to the famous Bathurst 1000 car race.
Coastal hot spot Batemans Bay and its surrounding suburbs are also on the list with a median house price of $370,000. Offerings range from large older style houses to more modern apartments close to the water.
Originally published as Priced out of Sydney? Here’s where you can buy for under $500k
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