Wednesday, 21 August, 2019

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This inner west suburb is the cheapest place to buy if you want to live near the Sydney CBD


St Peters is the most affordable suburb to buy a property if you want to live close to the CBD. Picture: Joshua Hulm/ Ciinemair Aerial.

St Peters has emerged as a sweet spot for buyers, allowing them a chance to live close to the city but at a fraction of the price compared to neighbouring suburbs.

Data from CoreLogic shows St Peters is the most affordable suburb in terms of distance for any inner west suburb. The median sale price for houses in the suburb stands at $1,247,500 after a 2.7 per cent growth in the past three months.

At only five kilometres from the central business district, St Peters is nearly $50,000 cheaper to buy in than its neighbouring rival Newtown, which has a $1.3 million median sale price and is also the same distance from the city.

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Erskineville, which is north of St Peters has a median sale price of $1.272 million, while Marrickville homes generally sold for around $1.305 million.

This large townhouse at 8/14-18 Mary St, is currently for sale.

McGrath Newtown agent Adrian Tsavalas said St Peters offers excellent value for money and is often overlooked by buyers.

“It’s a hidden gem that many don’t think to look at, as generally always start their search in Newtown and Marrickville,” he said.

“The prices have taken a hit from the WestConnex construction, but with this wrapping up, prices will start to recover.”

No. 136 Church St, St Peters, sold this year for $1,007,500.

Mr Tsavalas said the buyer pool tended to be locals looking to upsize
.

“A buyer trading out of a two-bedroom property in Newtown would be able to upgrade to a four-bedroom house in St Peters for a similar amount,” he said.

“The average lot also tends to be slightly larger than surrounding suburbs while offering good transport and great amenities.

St Peters is undergoing rapid change with the WestConnex M5 interchange being built in the suburb. Picture: AAP Image/Joel Carrett.

With a growing cafe scene and great public transport, Sublime Property Agents — St Peters agent Nick Politis said the suburb is starting to make a name for itself as a great place to buy property.

“People are starting to say ‘I want to live in St Peters’, instead of it being their second choice after being priced out of Newtown or Erskineville,” he said.

With only four houses for sale in the suburb, St Peters is also a tightly held suburb with houses kept for an average of 8.6 years.

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