Is Sydney now affordable for first home buyers?
Could you afford to buy your first house in today’s Sydney Market?
That is something that I ask myself regularly. My first home was on the Central Coast of NSW and I was lucky enough to have my parents provide the bank with a guarantee.
That meant that I was able to secure the loan and not pay 10’s of 1000’s dollars in Mortgage Insurance.
If this is not an option for you however what alternatives are the available? With the Medium House price in Sydney over $800,000, is Sydney still affordable?
There are still some areas of Sydney that you can pick up property for well under that price. The West and South West Sydney still has Medium house prices around the $550,000 mark. Even in these areas we have seen growth of between 7-9% in the June 2014 quarter. Add Stamp duty to these prices and you are looking at a good size Mortgage.
This is one of the reasons that many investors are turning to Queensland to invest. House and Land Packages are available in Brisbane and the Gold Coat Corridor for under $500,000. Brand New Units are also available from $450,000 both offering a solid rental returns.
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