While the median house price is high, there are other factors at play.
Yes, you read that correctly. Sydney has been declared the east coast’s most affordable city for liveability by PRD Real Estate.
Ignoring the fact that the Harbour City has an entry-level price of $1.2 million for a house within 20km of the CBD, PRD’s research argues that Sydney is indeed “the most affordable city for liveability.”
The firm’s reasoning boils down to Sydney having the greatest cost differential between premium and affordable dwellings in the same metropolitan area.
Residents can purchase a house in a liveable suburb for 87% less than the premium needed to purchase in Sydney Metro, well above the other eastern capitals.
PRD’s considerations for affordable and liveable suburbs include property trends, investment potential, affordability, project development, and liveability factors such as low crime rates, availability of amenities within a 5km radius (i.e. school, green spaces, public transport) and a steady unemployment rate.
According to PRD, Peakhurst in Sydney’s south came out on top for houses.
The suburb’s median house price for the first quarter was $1.2 million while units were among the most affordable at $685,000.
Melbourne Metro is the runner up at 42% less, and Brisbane third at 16% less.
Melbourne’s most affordable and liveable houses are found in Greenvale ($728,000), Bellfield ($800,000) and Mulgrave ($850,000).
Elsewhere, Melbourne’s most affordable units were found in Northcote ($595,000), Lower Plenty and Pascoe Vale (both $630,000)
Brisbane’s best performing suburbs included Springwood $530,000, followed by Rochedale South ($545,000) and Ferny Grove ($653,000).
Warner had the lowest-priced units in the Queensland capital with a median of $290,000, followed by Taigum ($320,000) and Coorparoo ($422,000).
The largest single-dwelling sales of the calendar year.