What can $700,000 buy you in Western Sydney?
In a property market as diverse as Sydney, $700,000 is going to buy you very little in some parts while in others locations it can still mean a good quality home or investment.
There was "a rich and varied tapestry of property options" available across the city, especially in Sydney's West, according to the latest report of the Herron Todd White valuation firm.
The sub-$700,000 price point still provides attractive offerings within Western Sydney to its key buyers, being first home buyers, investors and those looking to upgrade their existing residence.
Established areas in Western Sydney can provide two to three-bedroom units and in some cases townhouses.
In Parramatta, with its wider supply of units, the $700,000 mark allows for a near new two-bedroom, two-bathroom unit.
An example of this is a 2019 Hassall Street unit which sold in February for $690,000, having previously sold off the plan in 2016 for $759,000.
In Blacktown, you would only need $650,000 for a three-bedroom strata townhouse as shown by a Kent Street sale in April for $640,000.
House dwellings can be found for with older style homes on a decent sized block of land in order to add value.
There was a Killarney Avenue, Blacktown, a mostly original, three-bedroom, one-bathroom home with 601 square metres of land that sold for $670,000 in April.
It provides ample opportunity for value adding.
HWT noted for a good investment, a house and granny at in St Marys would provide a higher cash flow in the short term and potential for longer term capital growth.
It noted St Marys is set to be connected to the Western Sydney Aerotropolis at Badgerys Creek. A house and granny on Marsden Road, St Marys, which sold for $699,900 in April, has a potential rental income of $740 per week and yield of 5.5 per cent.
House and land packages are also an option in newer estates such as Marsden Park, Box Hill and Jordan Springs, but buyers will have to compromise on size to put together a package with land of between 250 and 350 square metres.
An example of this is the current listing on Annan Avenue, Marsden Park, a four-bedroom, two-bathroom Metricon-built dwelling with a garage, on a 312 square metre block available for $699,546.
In South Western Sydney for under $700,000, the Liverpool LGA still provides opportunities.
The Liverpool CBD unit market has struggled over the past 18 months, HTW noted, with signs of doom and gloom.
"We consider that the amount of supply entering the market and the lack of business growth within the CBD has contributed to values remaining steady or even decreasing," their report noted.
An example was a 2004 built three-bedroom, two-bathroom unit on Castlereigh Street that sold in May 2015 for $520,000 and resold in May for $510,000.
These price levels allow first home owners to enter the market in a central location close to shops, schools and train lines.
"Compared to the Parramatta CBD, it offers very affordable living," HTW advised for Liverpool, which is seen as Sydney’s third city.
The development of the Western Sydney Airport and the rezoning of 25 hectares of land in the heart of Liverpool "will reinvigorate life and promote more commercial space."
The ultimate aim is to remove the need for workers to travel to the traditional Parramatta and city hubs.
"This may be just what Liverpool needs to breathe life back into the Liverpool unit market in years to come," HTW forecast.
Within the Liverpool LGA, the house market under the $700,000 mark is constantly decreasing in opportunity, however suburbs such as Busby, Cartwright and Ashcroft provide "a great hidden opportunity."
This article first appeared in The Daily Telegraph.
