news

Sydney's affordable areas identified

By Staff Reporter

New data is pointing to Sydney’s far west and south west as having the most affordable property opportunities since August 2009, however the inner-city suburbs may come as a surprise.

Onthehouse Holdings Limited has recently provided information on their consumer property portal affordability indicator that points to increased affordability. The indicator uses the proportion required of the average household’s income to make repayments on properties in their suburb.

The suburbs of Blair AtholBlair Athol, SA Blair Athol, NSW (houses), Minto (units) and Leumeah (units) were listed as the “most affordable”, seeing households paying from 29.65 to 28.07 per cent of their after-tax income on their home loans between them.

Across Sydney, property owners pay their mortgages at a median rate of 45.36 per cent for houses and 32.71 per cent for units.

Michael Fredericks, founder and CEO of Onthehouse Holdings, said: “The lowering of the cash rate to 2.75 per cent by RBA and the relatively static levels of property prices are helping homeowners and increasing affordability for those wanting to get into the market. In fact, our data indicates affordability in Sydney is at its most favourable level in four years.”

PaddingtonPaddington, QLD Paddington, NSW, Alexandria and Mosman are the most affordable inner-city suburbs, with homeowners paying 29.65 per cent, 34.14 per cent and 35.05 per cent respectively of their after-tax income on home loans. NewtownNewtown, QLD Newtown, NSW Newtown, QLD Newtown, VIC Newtown, QLD Newtown, QLD and St LeonardsSt Leonards, VIC St Leonards, NSW St Leonards, TAS also made the top five list.

“When looking at affordability, it is important to measure on a local basis, and our data is showing that certain suburbs represent far higher value for households than others. If you are looking to take advantage of higher affordability in the current market, remember that not all areas are equal and doing your homework is essential when deciding on what property to buy,” Mr Fredericks said.

Sydney's affordable areas identified
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%