First home buyers: Where affordability meets growth in Sydney
Who says young Australians can’t get ahead in Sydney’s property market?
New research from Ray White has identified 30 locations across Australia where younger populations, low investor ownership and strong property price growth coincide – and nine are in Sydney.
One standout is Bidwill–Hebersham–Emerton in Western Sydney, where the median property price is $878,000 and the median age is just 31.7 years.
Over the past decade, prices in this location have risen 75%, compared with 61% across Sydney. Its an encouraging finding for first home buyers who may feel that home ownership is increasingly out of reach.
It also challenges the idea that buying in a more affordable location means sacrificing long-term capital growth. Some of Sydney’s lower-priced markets have delivered stronger growth than the city as a whole.
That makes it worth considering locations you might otherwise have overlooked. Knowing your borrowing capacity and being flexible about location could help you find a suitable property within your budget and take that first step onto the Sydney property ladder.
About the author – Alex Veljancevski is a Sydney Mortgage Broker with Eventus Financial, which assists first home buyers, investors, upgraders and borrowers seeking to refinance to a better deal on their home loan.