Good buys still to be had
House hunters can snap up bargains in region’s suburbs, despite growing medians
MT DRUITT suburbs are some of NSW’s top property growth areas, yet buyers can still snap up bargains there for $500,000 or less.
Whalan’s median house price soared 21.6 per cent in the 12 months to July to $480,000, latest CoreLogic RP Data statistics reveal.
The figure was almost triple Sydney’s 8.7 per cent rise while Tregear, Emerton, Colyton, Mt Druitt, Blackett, Lethbridge Park and Erskine Park experienced more than 10 per cent growth over the same period.
Research by property advisory firm Charter Keck Cramer found Mt Druitt had one of the highest compound growth rates between 2011 and 2016. Another recent study by Finder.com.au named Willmot as the only remaining “affordable” suburb in Sydney.
Raine and Horne St Marys sales manager Peter Diamantidis said that, despite the price jump, the Mt Druitt area was still “the cheapest place to buy”. “What’s happening now is everyone is out this way trying to buy an investment or first home for under $500,000,” he said. “You can start off at that early $400,000-mark and get a basic three-bedroom house on about 580sq m.
“You start getting up around the high $400,000s for maybe a four-bedroom house with a double garage or an in-ground pool.”
He said nine nearby suburbs, including Tregear and Emerton, had ex-public housing homes built 40-48 years ago, which was why there was ample property.