Western Sydney is full of affordable housing options. (AAP Image/Sam Mooy)
In a property market as diverse as Sydney, $700,000 is going to buy you very little in some parts while in other locations it can still mean a good quality home or investment.
There was “a rich and varied tapestry of property options” available under $700,000 especially in Sydney’s west, according to the latest report of the Herron Todd White valuation firm.
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The sub-$700,000 price point still provides attractive offerings to its key buyers, being first-homebuyers, investors and those looking to upgrade their existing residence.
Established areas in Western Sydney can provide two- to three-bedroom units and in some cases townhouses. In Parramatta, with its wider supply of units, the $700,000 mark allows for a near new two-bedroom, two-bathroom unit.
Parramatta has plenty of attractive units for sale.
An example of this is a 2019 Hassall St unit which sold in February for $690,000, having previously sold off-the-plan in 2016 for $759,000. In Blacktown, you would only need $650,000 for a three-bedroom strata townhouse as shown by a Kent St sale in April for $640,000.
House dwellings can be found for older style homes on a decent sized block in order to add value. There was a Killarney Ave property in Blacktown, a mostly original, three-bedroom home on 601sqm that sold for $670,000 in April.
HWT noted for a good investment, a house and granny flat in St Marys would provide a higher cash flow in the short-term and potential for longer term capital growth. It noted St Marys is set to be connected to the Western Sydney Aerotropolis at Badgerys Creek. A house and granny on Marsden Rd, St Marys, which sold for $699,900 in April, has a potential rent of $740 per week and yield of 5.5 per cent.
First-homebuyers, investors and those looking to upgrade their existing residence are all on the lookout. Photo by Gaye Gerard/ Sunday Telegraph
Western Sydney Airport will invigorate the surrounding areas. Picture: John Appleyard
House and land packages are also an option in newer estates such as Marsden Park, Box Hill and Jordan Springs, but buyers will have to compromise on size to put together a package with land of between 250 and 350sqm. An example was the listing on Annan Ave, Marsden Park, a four-bedroom Metricon-built dwelling with a garage, on a 312sqm block available for $699,546.
In southwest Sydney for under $700,000, the Liverpool LGA still provides opportunities.
The Liverpool CBD unit market has struggled over the past 18 months, HTW noted, with signs of doom and gloom. “We consider that the amount of supply entering the market and the lack of business growth within the CBD has contributed to values remaining steady or even decreasing,” their report noted. An example was a 2004 built three-bedroom, two-bathroom unit on Castlereigh St that sold in May 2015 for $520,000 and resold in May for $510,000.
Estates like Oran Park are also an option.
These price levels allow first homeowners to enter the market in a central location close to shops, schools and train lines.
“Compared to the Parramatta CBD, it offers very affordable living,” HTW advised for Liverpool, which is seen as Sydney’s third city. The development of the Western Sydney Airport and the rezoning of 25ha of land in the heart of Liverpool “will reinvigorate life and promote more commercial space.” The ultimate aim is to remove the need for workers to travel to the traditional Parramatta and city hubs. “This may be just what Liverpool needs to breathe life back into the unit market,” HTW forecast.
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