Let’s start by saying, YES! It is possible to get a house for less than 400K in Sydney. The question will be the location and availability. Realistically, finding a home in that price range is difficult if you’re looking to buy inside and near the CBD, but becomes a bit easier as you head further out to neighbouring suburbs.
The inner Sydney offers a sweet lockup garage or pint-sized studio, but it will be painstakingly hard to get sizeable bedrooms and backyard space. In fact, realestate.com.au reported that the most searched price point for house-hunters in 2015 was $0 to $400,000. In Sydney, where the CoreLogic median prices (units and houses) is $780,000, which means it will be hard to find a home under the $400,000 price point.
House and land packages
There are developers that sell house and land packages that come at a cheaper price point. Apart from the increased affordability, it lets you save time and money since you’ll be having a design that is compatible to the block of land. You won’t need to consider multiple options of floor plans and selections as well as pay site costs or alterations to your design to suit a slanted, slim or irregular block.
Also, there is less paperwork required in purchasing a house and land property, and heck, who doesn’t want reduced paperwork, right? Moreover, you can save more on stamp duty since you only need to pay it on the land.
A brand-new house and land package will decrease the amount of upkeep the house needs, saving you in the long run. There’s also the feeling of extra confidence with fixed site costs. This also usually makes it easier to get a home loan since the borrowing amount is unlikely to change. What’s even better is that developers usually give out extra bonus features at no cost to you.
Choosing the right community
If you are still considering whether you should move to a new home in a new community, you should still research the neighborhood and not simply focus on the “low price” as choosing wrong can lead to a non-rewarding lifestyle for you and your family. Your new home should be situated in a place that offers you everything that you need to live the life that you want.
Where to look for affordable homes in Sydney
Aside from local listings, the best way to look for updated property list in a great location is through property developer’s website, wherein new, upcoming, and recently opened lots or homes are frequently updated.
Whether you’re on the lookout for land for sale to build your dream home on, or a home that’s ready to move-in, your ideal address might be in one of the thriving communities in Sydney and NSW, Jordan Springs, Bingara Gorge, Calderwood Valley and The New Rouse Hill. These house and land packages in Sydney are developed by Lendlease, one of Australia’s premier community developers.
To sum up, buyers on a budget who are looking for more breathing space for their money, properties priced below $400,000 does exist, though you will need to search far and wide (and snatch it up) when you see one. Best of luck!