Sydney Townhouses: A More Affordable Way Into Your Preferred Suburb
Want to buy in a particular Sydney location but houses are beyond your budget? Townhouses may provide a more affordable way in.
Domain’s new Matching Demand report found townhouses are increasingly bridging the gap between the locations buyers want and what they can afford. In inner Sydney, the median upper limit of buyer searches is $1.9 million, while the median listing price is $1.8 million – meaning the median listing price is $100,000 below the upper limit of buyer search budgets.
That’s a big turnaround from a year ago, when townhouse listings were $200,000 above buyer search budgets. Meanwhile, inner-Sydney house listings remain around $400,000 above what buyers are searching for.
The gap is particularly pronounced in some Sydney property locations, reaching $478,000 in Ryde–Hunters Hill, $290,000 in Leichhardt and $245,000 in Auburn. In fact, all 10 locations with the largest townhouse buyer premiums nationally are in Sydney.
If houses in your preferred suburb stretch your budget, considering a townhouse could offer another way into the Sydney property market in the location you want – potentially with a smaller home loan.
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.
