- Home
- Home Loans
- News
- Sydney suburbs where first home buyers can still purchase under $800k
Sydney suburbs where first home buyers can still purchase under $800k
It’s no secret that first home buyers are feeling priced out of Greater Sydney, especially those hoping to take advantage of government schemes with property price caps, like the First Home Loan Deposit Scheme.
The latest CoreLogic figures show that the median house value for Sydney sits at $1,106,279, an intimidating figure to for any first home buyer to save a 20% deposit for.
The First Home Loan Deposit Scheme (FHLDS) was created to offer financial support for these buyers. It allows borrowers to purchase property and avoid paying lender’s mortgage insurance with a deposit as little as 5%.
Last July, the federal government lifted the value cap of the FHLDS from $700,000 to $800,000. As values move higher, an $800,000 value cap may be limiting in Greater Sydney.
But there are still several suburbs with properties under $800,000, according to a new report giving hope to young Aussies from Domain for The Sydney Morning Herald.
Suburbs with properties at or under $800k in Greater Sydney
According to the Domain report, most property values that sat at or below $800,000 were units.
North-West
- Eastwood ($797,500)
- Epping ($774,300)
- Thornleigh ($762,500)
- Ryde ($735,000)
Lower north shore
- Gladesville ($760,000)
Eastern suburbs
- Hillsdale ($687,500)
- Eastlakes ($640,000)
Inner west
- Marrickville ($795,000)
- Leichardt ($775,250)
- Petersham ($770,000)
- Newtown ($750,000)
- Concord ($775,000)
- North Strathfield ($775,000)
South
- Gymea ($775,000)
- Miranda ($745,000)
- Caringbah ($744,750)
If you’re in the market for a house, the Central Coast still has houses with median prices at or below $800,000.
Central Coast
- Wyoming ($800,000)
- Woongarrah ($800,000)
- Summerland Point ($792,500)
- Wadalba ($787,000)
- The Entrance ($782,500)
Looking to buy outside of Sydney?
For would-be buyers in Greater Sydney, it can feel disheartening to know that the FHLDS may not be able to help you purchase your dream home immediately.
But it’s worth keeping in mind that it’s called a property ladder for a reason; you may have to climb it. Purchasing a unit to begin with and using that as a starting off point may help some buyers to start the climb to buying their ideal property.
And buyers hoping to purchase outside of Greater Sydney may be curious as to what the property value caps in their areas are.
According to the National Housing Finance and Investment Corporation (NHFIC) that supports the FHLDS, here is the list of current property price caps:
| Region | FHLDS Price Cap - FY2021-2022 |
| NSW - capital city, regional centres (Newcastle, Lake Macquarie & Illawarra) | $800,000 |
| NSW – other | $600,000 |
| VIC – capital city, regional centre (Geelong) | $700,000 |
| VIC – other | $500,000 |
| QLD – capital city, regional centres (Gold Coast & Sunshine Coast) | $600,000 |
| QLD – other | $450,000 |
| WA – capital city | $500,000 |
| WA – other | $400,000 |
| SA – capital city | $500,000 |
| SA – other | $350,000 |
| TAS – capital city | $500,000 |
| TAS – other | $400,000 |
| ACT | $500,000 |
| Northern Territory | $500,000 |
| Jervis Bay Territory & Norfolk Island | $550,000 |
| Christmas Island & Cocos (Keeling) Island | $400,000 |
Source: NHFIC.com.au
- For more information on the FHLDS, or to discover more government property buyer schemes and assistances, read our guide here.
Disclaimer
This article is over two years old, last updated on February 7, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
Compare home loans in Australia
Product database updated 18 Nov, 2024
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.
