Sydney is notorious for inflated home prices, with some houses selling for millions of dollars. However, there are areas in the city that are friendlier to individuals on a tight budget. If you are looking to make Australia’s largest city your home, it is possible to rent a home for less than 500 dollars a week. Read on for a quick roundup of 3 areas in Sydney with affordable housing.
1. Less than 10 kilometres away from the CBD
Benchmark: Ashfield, Inner West – $490 per week
A veritable melting pot, Ashfield homes are sought after for their proximity to the city. Express trains can take you to Redfern Station in less than 20 minutes, and there are buses that operate between the CBD and Ashfield until 11:00pm. If you take the time to walk around, you will find yourself in neighbourhoods with an eclectic mix of homes; from Art Deco to Edwardian; and Federation homes to Californian bungalows; this area has it all. Apart from this, there is also a good mix of commercial establishments that cater to a variety of interests.
2. Over 10 kilometres away from the CBD
Benchmark: Croydon, Inner West – $425 per week
Croydon also in Sydney’s Inner West is one of Sydney’s hidden gems. It is an established suburb and retains some of the Victorian-era homes for which the suburb was once known. It has all the vintage charms of the past and the convenience of modern city life. The heart of the suburb is a shopping strip that is protected as a heritage area, so you know locals are invested in their neighbourhood’s culture. In fact, there is an active community of locals who have lived in Croydon for generations, who head initiatives for conservation.
3. Over 30 kilometres away, within Greater Sydney Area
Benchmark: Lethbridge Park – $340 per week
As a rule of thumb, the further you are from the business district, the cheaper the housing options get. This area is about an hour’s drive away from the city and is home to a predominantly young population. The average age of a Lethbridge Park resident is 29.5, and is likely a renter and single. The median house value in this area is around $418,000. Greater Sydney is known for pockets of lively, personable communities. You don’t need to travel to the business district to see and do things; Lethbridge has its own local cultural scene, as is the case for other outer suburbs.
Renting in Sydney does not have to cost an arm and a leg. In fact, it is fast becoming a real option – not only for singles and professionals, but also families looking to scale down. According to the Domain Quarterly Rental Report, the median cost of renting a house in Sydney is $540 a week, and there are several suburbs in the Inner West area of the city that have options that fall below that price point. Getting a real estate agent to help you with rentals is a good option as they can show you homes that are aligned with your needs and budget.
Buyer’s Domain is Sydney’s leading buyer’s agency for busy Sydney professionals. Our principal agent, Nick Viner, has 10 years of experience in property law and is recognized by his peers for knowledge and skills in the industry. Contact us today for inquiries!