REVEALED: How you can save $500,000 by buying in ‘bridesmaid’ suburbs which are close to attractive areas but with VERY reasonable price tags
- Sydneysiders should look to buy in suburbs next to prominent neighbourhoods
- Houses that are next door to exclusive areas can be up to $1million less in price
- Areas further from the beach with homes under development are often cheaper
- Residents can buy a unit in Manly Vale for $200,000 less than in Manly
Australians looking to buy a house in some of Sydney’s most exclusive suburbs can save up hundreds of thousands of dollars by choosing a home just one neighbourhood away.
Sydneysiders are being encouraged to buy in ‘bridesmaid’ suburbs, the areas that are still attractive but are cheaper and less desired than their ‘bride’ postcodes next door.
Many families are finding they are saving enormous amounts by choosing homes in areas slightly further away from the beach with smaller blocks.
These suburbs are often overlooked by buyers and renters which has managed to keep prices well below average of surrounding areas.
Sydneysiders are being encouraged to buy in ‘bridesmaid’ suburbs that are much more affordable than more exclusive or well known areas (pictured Cronulla in Sydney’s east)
A house in Caringbah (pictured) can be snapped up for $1.13million compared to the nearby suburb of Cronulla which sells homes at around $2.1million
Homes were often cheaper in areas that had properties under development, Realestate.com.au chief economist Nerida Conisbee said.
‘The factors that lead to the (price) gaps are things like beach access, housing is tight, block sizes and physical geography,’ she said
Families looking to move into the coastal Shire town of Cronulla can save up to $935,000 if they choose to buy a home in the nearby suburb of Caringbah which has prices ranging from $1.13million.
The average price of homes in Bondi are also a staggering $2.37m cheaper than properties in Sydney’s exclusive Vaucluse.
A two bedroom unit in Manly costs around $875,000 but buyers can snap up an apartment for $675,000 by opting for nearby Manly Vale instead.
Suburbs like Brookvale (pictured) in the northern beaches can have an average house price of 424,000 less than neighbouring Dee-Why
Houses that are also further away from the beach will have lower prices (pictured home in Bondi)
Brookvale in the northern beaches has an average house price of $1.32m – $424,000 less than Dee-Why.
Breakfast Point boasts $1.2million apartments while Wentworth Point – just 20 minutes away – has properties on offer for $770,000.
Homes in Bella Vista in Sydney’s west are on the market for $1.65million but ten minutes away in Lalor Park a four-bedroom home is on offer for $805,000.
Ms Conisbee said moving to these neighbourhoods would benefit new homeowners.
A two-bedroom apartment in Manly (left) can cost $875,000 but buyers can snap up an apartment for $675,000 by opting for nearby Manly Vale (right) instead
‘In some of these locations I would say they’re worth saving the money … you can enjoy some of the amenities that the blue-chip suburbs have,’ she said.
The real estate expert said that while the biggest gaps in prices were on the Northern Beaches, areas like Miranda, Asquith and North Ryde were also much more affordable than their surrounding postcodes.
North Ryde had five-bedroom homes on the market for $1.75million while nearby Lindfield in Sydney’s North Shore had prices at $2.7million for four bedrooms.
The leafy northern suburb of Warrawee has four-bedroom homes on offer for $1.9million while just a suburb over in Asquith, five-bedroom houses can be snapped up for $1.4million.