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Buyers waking up to Lakemba, the closest suburb to the CBD with a median below $1 million

​For those wanting to spend less than $1 million on a house and be close to the city the goal posts have shifted again.

New data shows the closest suburb to the Sydney CBD with a six-figure median house price is Lakemba – 13.5 kilometres south west of the city as the crow flies. 

Just six months ago the pick of the mix was Belfield with a median of $900,000, but surging popularity in the area has seen its median surge to $1.2 million. 

 

This house at 59 Taylor Street, Lakemba, is up for auction next month.

This house at 59 Taylor Street, Lakemba, is up for auction next month.

Lakemba’s median is sitting at $937,500, though you can expect that to tip over $1 million soon given the suburb recently had a record sale of $1.87 million at auction. 

Syed Hasan, from Estate Galaxy in Lakemba, said the past two or three years have had a big impact on Lakemba’s reputation.

“People are finding it an affordable alternative to the inner west.”Chris Wilding, RALPH First Real Estate

“A lot of people didn’t want to move into that area,” he said. “But now – it’s close to the city, close to the airport. You look at Belmore, Campsie, prices have gone up.

This house at 29 Moreton Street, Lakemba, is for sale for $999,999.

This house at 29 Moreton Street, Lakemba, is for sale for $999,999.

“Lakemba, it’s a hotcake for buyers now. Most of the houses we’ve sold have gone for around $1 million – some for less, but most for more.”

One of the houses they have on the market at the moment, 59 Taylor Street, has already had offers prior to its auction on August 19. Mr Hasan says two or three years ago you would have seen $700,000 to $800,000 for that kind of property. Now they’re expecting over $1 million.

Agent Chris Wilding, from RALPH First Real Estate in Lakemba, agreed that relative convenience and location had made Lakemba attractive. 

This house at 76 Benaroon Road, Lakemba, is on the market for $995,000.

This house at 76 Benaroon Road, Lakemba, is on the market for $995,000.

“It’s 25 to 30 minutes to the city by train,” he said. “You look at Belfield and Croydon Park, they don’t have the benefit of a train line.

“People are finding it an affordable alternative to the inner west.”

“Anything full-brick, on a decent block, you’d be expect $950,000, nearly a million. I don’t think it’ll be long until it’s there.”

Belfield previously had been the closest suburb to the city with a median under $1 million. This house at 76 Water Street, Belfield, is advertised for sale at $1,395,000.

Belfield previously had been the closest suburb to the city with a median under $1 million. This house at 76 Water Street, Belfield, is advertised for sale at $1,395,000.

Manuel Roussakis, from Ray White Canterbury, said Lakemba was “definitely a suburb to watch”.

“A lot of people underestimate the location – it’s actually very close to the city. It’s close to the M4 and M5 and it’s close to the rising west.”

He added that lifestyle was also a factor in the vibrant area. “There’s so much to do, so many places to shop.”

One of the properties on the market hovering near the $1 million mark, 76 Benaroon Road, Lakemba is advertised at $995,000. A few blocks closer to the station is 29 Moreton Street, Lakemba, listed for $999,000.

The next closest suburbs to the city with median house prices under $1 million are Marsfield (13.9 kilometres), Wiley Park at (14.2 kilometres), Greenacre at (14.5 kilometres) and Silverwater (15 kilometres)

Wiley Park is the stop after Lakemba on the Bankstown train line and Greenacre is about a 10-minute drive away.

Further from the city the million-dollar club had a few new entries over the last quarter, with Colebee, Elizabeth Hills, Padstow Heights and Revesby Heights  all cracking seven figures for the first time. 

Taking a step up, there are now 90 suburbs with a median house price above $2 million, up from 76 as of six months ago.

There are 21 suburbs with a median above $3 million and at the very top end there are five suburbs with a median above $4 million – McMahons Point, Rose Bay, Vaucluse, Bellevue Hill and Longueville.

Australia’s most expensive suburb, Point Piper, had too few sales in the past six months to generate a median value.

Original Source: www.domain.com.au/news/buyers-waking-up-to-lakemba-the-closest-suburb-to-the-cbd-with-a-median-below-1-million-20170

 

 

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