Prices in the NSW capital may have soared over the past year, but if you know where to look, the city still offers opportunities to lock down a three-bedroom home for half a million dollars.
The PropTech Group has looked at three-bedroom apartment sales across the city during the third quarter of 2021, pinpointing the most affordable suburbs for buyers in that segment.
“After nearly two years of a pandemic, people want more indoor space,” Joe Hanna, group chief executive and managing director of the PropTech Group, noted of the growing popularity of larger units.
“Anyone looking for a three-bedroom apartment will want to consider Mount Druitt, Carramar, Berala, and Ingleburn. In all those suburbs buyers were able to find three-bedroom apartments for less than a half million dollars,” he revealed.
And beyond those locations, Mr Hanna says their data shows it is entirely achievable to find a three-bedroom apartment around the $500,000 mark in Sydney.
They’ve released a list of the 10 suburbs with the lowest settlement prices for three-bedroom units sold in Q3 of 2021.
Mount Druitt – $429,950
Carramar – $490,000
Berala – $491,000
Ingleburn – $495,000
Campbelltown – $505,000
Werrington – $571,000
Merrylands – $590,000
Telopea – $596,000
Punchbowl – $600,000
Yagoona – $600,000
For buyers in the three-bedroom market, Mr Hanna advises getting comfortable with moving quickly.
He noted that on average, in the third quarter of 2020 and 2021, three-bedroom apartments sold in just 33 days, four days faster than the 37-day average for all properties.
And Sid Gandhi, an agent at Realnest Property Solutions in Homebush West, anticipates that competition is only going to become more fierce as the year progresses.
“Next year, for the first time in over a decade, there will be more people looking for apartments than houses. People just cannot afford a house. And renting is not getting cheaper, either. A larger apartment makes the most sense for the majority of buyers, especially first home buyers with government assistance and downgraders looking for lifestyle and convenience over having to maintain a house with a backyard,” Mr Gandhi said.
The events of the past year have made this specific market even more popular, as those once considering a house and land acquisition have shied away from that volatile field.
“Some savvy buyers see the huge potential of buying an apartment now in comparison to buying a house. Houses have experienced a huge growth of almost 30 per cent over the last 12 months. Apartment prices have grown more slowly and in some places have gone negative due to no migration and a shortage of tenants,” Mr Ghandi added.
ABOUT THE AUTHOR
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.