Buy property in Sydney – Can you still buy something close to the CBD for under $500,000?

Are you looking to buy property in Sydney? Last month RPData released a report listing median house and unit prices in Sydney. Surprisingly, there are two suburbs within a 10km radius of the CBD where you can still buy a house for less than $500K – Sydenham & Tempe. You just have to put up with a bit of aircraft noise…

You have a lot more options if you are wanting to buy an apartment. Due to an abundance of 1 bedroom and studios, the City of Sydney Council area has the highest number of suburbs (20 in total) where unit prices are under the $500K mark. A further four suburbs can be found within the North Sydney local government area (LGA) and two each in Leichhardt and Woollahra LGAs.

The opportunities are diminishing, however as property values continue to rise, so how much longer we will have the chance to buy anything under $500,000 close to the CBD is anyone’s guess… Only yesterday, an article in the Sydney Morning Herald predicted further rises – and the median house price for Sydney is now $607,000, with the median unit price still under the half million mark at $457,000.

Click here to read that article

Further reading:

What to compromise on when buying a house or apartment

How to use statistics when buying property

Is it a good time to buy property in Sydney?

Published:-  26 Nov, 2009


Good Deeds buyers tips are intended to be of a general nature. Please contact us for advice that is specific to your individual circumstances. You may also need to get advice from other professionals such as an accountant, mortgage broker, financial planner or solicitor.

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