Another report has been released highlighting the absurdity of the Sydney housing market, whereby buyers are now required to move 50 to 75 kilometres from the CBD to find an ‘affordable’ house. From Domain:
Gosford, about a 75 kilometre drive from Sydney’s centre, on the Central Coast and the cusp of the Greater Sydney, is the cheapest area for first time buyers.
Domain Group’s First Home Buyers Report, released on Friday, deemed just 11 suburbs “affordable” – under $459,010…
“Declining affordability is pushing first home buyers further and further out,” Domain Group data scientist Dr Nicola Powell said. “The Central Coast and the city’s west is where they’ll still find affordable houses.”
Despite a lengthy average commute time of an hour and a half, Gosford’s median house price of $412,500 was attracting more young Sydneysiders willing to make the daily trip to Sydney for work…
Within that budget and 50 kilometres west of the Sydney CBD is Willmot, wedged between Marsden Park and Penrith in the city’s west. It comes with a bad reputation, but a median price of $440,000…
There are just four Sydney suburbs left within 40 kilometres of the CBD with a median house price below the $650,000 threshold.
Ashcroft, 35 kilometres south west of the CBD, is the closest with a median of $635,000. Also under the price range are the nearby suburbs of Heckenberg, Cartwright and Busby…
CoreLogic has released several reports that paint and equally depressing picture for young Sydneysiders.
According to CoreLogic, there are more suburbs where the median house value is above $2 million than there are suburbs valued below $600,000:
I am constantly amazed that young Sydneysiders aren’t rioting in the streets with pitchforks against the deliberate government policy that has helped cause this mess.
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
