What $650,000 can really buy you in the booming Sydney property market

Helping draw the crowds were newly unveiled developments like Parramatta’s 8 Phillip Street.

9news.com.au 03-06-2017

New South Wales Premier Gladys Berejiklian has revealed the Sydney suburb where a townhouse can be snapped up for under $700,000. Ms Berejiklian hit the streets of Blacktown, in Sydney’s West, this afternoon to spruik her new housing affordability plan. “It’s giving people a go who to this point haven’t been able to get into the market – we know prices are expensive,” Ms Berejiklian said of the plan. As part of the appearance, the Premier showed off a townhouse valued at $650,000. “What we see today is a wonderful two storey townhouse, two bedrooms in a wonderful community,” she told reporters. New data obtained by 9NEWS named the city’s most in-demand suburb as Farmborough Heights.

Nearby Unanderra and West Wollongong also made the top ten. “A lot of the popularity is from Sydneysiders looking for greater levels of affordability,” realestate.com.au economist Nerida Conisbee told 9NEWS. Closer to Sydney’s CBD,  the hot property is on the north side at Narraweena, Allambie Heights, North Balgowlah, Waverton and McMahons Point. In the city’s inner-west today, more than 800 properties were auctioned- a steep increase on the 549 properties that went under the hammer on the same day last year. Helping draw the crowds were newly unveiled developments like Parramatta’s 8 Phillip Street. Premium restaurants Rockpool and Sake are set to open underneath the luxury 55-storey apartment block set to open in 2020. “I think it’s a testament to Parramatta going from strength to strength for these sort of brands to be coming here,” Aras Labutis from Coronation Property said.

 

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