These are the 8 suburbs close to Sydney's CBD where house prices are under $2 million
But this need not be a pipe dream. A recent SMH article says a few city-fringe suburbs still offer homes under $2 million – but not for long. Two interest rate cuts by the Reserve Bank of Australia this year – and the possibility of more – mean there's an influx of buyers trying to get a slice of Sydney's affordable(ish) property pie.
Says Dr Nicola Powell, Domain's Chief of Research and Economics: '...as we see rates being reduced further, it will provide more momentum for the housing market. That will boost buyer sentiment and confidence as mortgage rates continue to fall. We won't see a price boom, but we will see growth, particularly in those sub-$2 million prime locations.'
Location, location, location: we're talking inner-city suburbs like Redfern, Erskineville, Leichhardt and Newtown. These areas offer a taste of inner-city life, with terraces and townhouses that bring charm, character and convenience – plus a (relatively) cost-effective median house price under $2 million.
In Erskineville, agents are reporting up to 40 groups at open homes – double what they were seeing just a few months ago. Good homes on good streets? Expect four to six serious buyers fighting it out at auction. Buyers range from first-home hopefuls to investors and knockdown-rebuilders.
Here's where median house prices currently stand:
So why the sudden urgency? Buyers remember what happened the last time interest rates dropped – demand spiked, and house prices surged. They're keen to get in now, while the door's still open. The only things giving some would-be buyers pause are cozzie livs, which is still hitting hard, and political and economic uncertainty overseas – particularly in the USA.
Still, for many Sydneysiders, the lure of inner-city living without completely breaking the bank is proving too tempting to ignore.
And Plus, .
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time Out
2 days ago
- Time Out
Big news for Western Sydney's commuters: Bankstown's metro station is almost complete
Residents of Sydney's West, your commute is about to get a whole lot easier. After closing its gates back in October 2024, Bankstown Station is almost ready to re-open—this time, as a super-speedy metro line. The Bankstown to Sydenham train line conversion was initially estimated to take just over twelve months, with the opening date slated for late 2025. After what Transport for NSW described as a 'complex and difficult project' (with industrial action impacting the timeline), it was confirmed that the Sydenham to Bankstown metro extension won't be open until 2026. Now, we've got good news – with the NSW Government today announcing that Bankstown Metro Station (which will become the first major metro-train interchange in South West Sydney) has entered 'the final straight to completion.' According to the NSW Government, work on Bankstown Station is now 80 per cent complete – with new metro platforms lined by 36 safety screen doors installed, and the station on track (pardon the pun) to open in 2026. The work has involved rebuilding the 115-year-old former train station to create an interchange connecting the metro and train networks, with installation of a huge paved concourse and 170 metres of metro platforms. Work on the 90-metre plaza (complete with shops and cafés) that will provide a pedestrian connection between the north and south sides of Bankstown is due to begin soon. Once operational, metro services will run from Bankstown every four minutes at peak times, connecting Sydneysiders to the CBD in less than 30 minutes. Though times have been tough for commuters in Sydney's West and Inner West over the past few months (literally nobody likes a rail replacement bus, even if they're free), the metro will be a major improvement on the previous train services. Previously, peak times saw only eight trains per hour, but once the metro line opens, 15 metro services will run every hour during peak times. The journey into the city will also become a whole lot quicker, zipping passengers from Bankstown to Central in 28 minutes (saving six minutes), from Bankstown to Gadigal in 30 minutes (saving 15 minutes), and from Bankstown to Chatswood in 43 minutes (saving 25 minutes). While the station is 80 per cent complete, there's still a lot of work to be done, with a whole lot of testing still to be completed along the line. You can learn more and keep up to date on the project here.
Time Out
15-07-2025
- Time Out
Happy news: Fees on outdoor dining have been scrapped across Sydney for good
Back in August 2024, the NSW Government announced that they had repealed the long-outdated ban on standing while drinking outside Sydney venues. Now, the City of Sydney is taking alfresco fun a step further, with all on-road dining fees permanently waived across the local area. That means, as summer approaches, we'll be seeing a whole lot more alfresco dining setups on pavements and street corners around Sydney. Paris? Who needs her. Back in November 2020, as Sydney began to emerge from its first lockdown, a program was introduced to encourage more outdoor dining across the city – with fee waivers and fast-tracked approvals designed to help businesses set up tables in the open air. According to Lord Mayor of Sydney Clover Moore AO, almost 1,000 outdoor dining applications have been approved since late 2020, creating around 13,000 square metres of alfresco dining space across the city. The main winners in all this? The patrons, arguably (you really can't beat a glass of natural wine and a plate of salty snacks on a sun-drenched table). But the boost to businesses isn't to be sniffed at either, with the City of Sydney estimating the on-street dining initiative has delivered a $20-million lift for hospitality venues across the city. The decision to scrap outdoor dining fees entirely is part of a broader push by the NSW Government and City of Sydney to keep supporting the industry. 'Three-quarters of participating businesses have said the boost in customer numbers meant they needed to hire more employees, with more than a third seeing a 20% increase in turnover,' said Lord Mayor Clover Moore AO, describing the real value to our city as 'immeasurable.' The removal of fees means more businesses (and more Sydneysiders) will be able to enjoy the benefits of outdoor dining – though venues will still need to apply before setting up tables in the sunshine. 'Our priority is to ensure the city continues to have thriving outdoor dining spaces while maintaining sufficient space for others, including those pushing prams or in wheelchairs.' Businesses interested in participating in the on-road dining program or extending their current permits should apply to the City of Sydney for a Spritz in the sun? You'll soon have endless options. In the meantime, these are the best beer gardens in Sydney. These are the best restaurants in Sydney.
Daily Mail
14-07-2025
- Daily Mail
RBA proposes ban on card surcharging
Australia's central bank wants to remove surcharge fees on both debit and credit cards in a move it expects would save consumer more than $1 billion. The Reserve Bank of Australia's review of merchant card payment costs recommends the fees be scrapped on EFTPOS, Mastercard and Visa card transactions as they don't help consumers make more efficient payment choices. Lowering the cap on interchange fees paid by businesses - another recommendation of the paper - as well would save Australian $1.2 billion. An interchange fee is paid by a business to a customer's card issuer when a transaction occurs. The bank's proposals go further than what the federal government has previously suggested. Treasurer Jim Chalmers had said the government was prepared to ban fees on debit card transactions from the start of 2026, but the RBA has included credit cards. Consumers are estimated to pay $1.2 billion in surcharges on payments each year, the equivalent of $60 per card-using adult. Scrapping surcharges would also mean consumers don't need to switch between payment methods to try and avoid a fee, the report stated. RBA Governor Michele Bullock said both consumers and businesses benefited from the proposal as fewer Australians make cash payments. Customers would avoid paying surcharges, while businesses would no longer be forced to face high costs of accepting card payments. 'We think the time has come to address some of these high costs and inefficiencies in the system,' she said. 'The payments landscape is always evolving, and it's critically important that we keep pace to ensure it remains safe, competitive and efficient.' The RBA proposed removing its own prohibition on 'no-surcharge' rules to achieve scrapping the fees. It expected the card networks would then follow by implementing 'no-surcharge' rules based on historical experience and arrangements in other jurisdictions. If that did not occur, the RBA would recommend the federal government legislate to ban surcharge fees. Lowering the cap on interchange fees by businesses is predicted to benefit small businesses the most, because they often pay higher fees. The central bank found small businesses would be $185 million better off under the changes, with 90 per cent of them benefiting. Better transparency achieved by forcing card networks and large acquirers to publish what fees they are charging has also been recommended, in a bid for better competition between the networks. Ms Bullock predicted the proposals would spark much discussion particularly among businesses that do surcharge, prompting a six-week consultation period on their plan. Any changes won't kick in until July 2026.
