Inner-city living doesn’t have to come with a property budget in the millions.
There’s plenty to be found in a lower price bracket, without compromising on comfort, style or location. Got $800k? This is what you can buy in Sydney’s inner city.
Why $800k: the threshold for first home buyers
As a quick scan through real estate listings will tell you, $800,000 is by no means the minimum you need to spend to get on the property ladder in Alexandria and surrounds. It is, however, the limit for the First Home Buyers Assistance Scheme, so it tends to be the cap for many buyers looking for their first home.
In NSW, first home buyers might be eligible for a transfer duty exemption if they meet a range of criteria, provided the home is valued at no more than $800k. For people buying brand-new homes, like those found in the developments cropping up around Mascot, Green Square and Alexandria, there’s an extra $10k on offer to put toward the price of the property, as long as its value is under $750k. Read more about First Home Buyer concessions here.
What does $800k buy in the inner city?
For this price bracket, we’re definitely talking about apartments, as the inner city’s houses can sell in the ballpark of double this amount. This doesn’t mean a cramped space or ancient fixtures are necessarily on the cards though – there’s quite a range of properties available, many with two bedrooms, courtyards, extra bathrooms and spacious living areas.
More than that, the variety within this budget allows for flexibility, so you can prioritise features that are most important to you, whether you’re single, planning for a growing family or thinking about future rental opportunities.
And it isn’t just one suburb you need to focus your attention on when buying with a smaller budget. One-bedroom units typically fall under well under $800k across the inner city, while two-bedrooms can be found for the median price of $788k in Alexandria and occasionally in other suburbs too.
Recent sales under $800k
We’ve sold some great apartments recently for less than $800,000, with a pretty big range of price points.
26/93-103 Euston Road, Alexandria
1 bed, 1 bath, 1 parking, $550,000
65/57 Ralph Street, Alexandria
1 bed, 1 bath, 1 parking, $620,000
22/127 Railway Parade, Erskineville
1 bed, 1 bath, 1 parking, $650,000
42/57 Ralph Street, Alexandria
2 bed, 2 baths, 1 parking, $770,000
Median prices for apartments in Sydney’s inner-city for July 2019
- 1 bedroom: $600,000
- 2 bedroom: $788,000
- 1 bedroom: $644,000
- 2 bedroom: $880,000
- 1 bedroom: $579,782
- 2 bedroom: $885,000
- 1 bedroom: $625,000
- 2 bedroom: $901,000
Looking for an affordable home in Sydney’s inner-city?
Get in touch with me today to find an apartment to suit your needs.