Your home is the crowning achievement of your life's work and is a safety net for times of financial insecurity. However, as the years go by, its size may no longer be sufficient for your family's needs. Is your household getting bigger? Have your children grown up and now need more space for their daily activities? In that case, you need to find a more spacious property that is located in a quiet area. Why look at houses for sale in Edmondson Park and the surrounding area? It's all about the price-per-quality ratio.
The properties in and around Edmondson Park are known for their quality and great value. Is your workplace located in Sydney's CBD? In that case, you might be tempted to buy a property in Surry Hills or Newtown. However, from a financial point of view, you'd be making a mistake. Properties located near Sydney Harbour fetch a premium, which isn't always justified for the amenities provided. On the other hand, the real estate for sale in Green Valley, Bonnyrigg or other similar suburbs is cheaper, and their location is closer to some of the most spectacular natural landmarks in Eastern Australia.
Why Look at Houses for Sale in These Locations?
For one thing, you have to consider the potential for appreciation. The housing market in Sydney is growing at an accelerating rate, and that applies to properties listed in the suburbs. Are you looking at houses for sale in and around Edmondson Park? Then, you will be making a nice profit as the homes listed here appreciate, on average, by 5.8% every 12 months. Moreover, the median purchase price of a house in Edmondson is $1.2 million, well below the average values found in Sydney's central districts. Secondly, you should keep in mind the stability of the housing market.
While in other central suburbs, the price of homes listed on the market has fallen in recent months, in suburbs such as Hinchinbrook, the price has remained constant or even increased. Is this ideal if you are looking to purchase a new home? No. But it's a good situation if you're interested in long-term gains. Real estate for sale in Green Valley can now in 2024 fetch a median price of around $900,000. However, given the market development, the price you could get if you sold in 6 years could be more than 30% higher. You will beat inflation and turn a net profit.
The Rental Advantages
The numerous houses for sale in Edmondson Park may also offer you the opportunity to earn a passive income. Sydney is one of the most expensive cities in the country for short and long-term rentals, and the values recorded in the city centre are also applicable to the suburbs. The median weekly rent in NSW is $745, and this may offer you the opportunity for a steady stream of revenue. Do you already own a primary residence and want to invest in the growing real estate market of New South Wales? In that case, an excellent idea would be to buy a property in Green Valley for $1 million, which you can then rent out for, say, $700 a week.
Optionally, you could build an accessory income dwelling unit for an investment of $120,000, which you could then rent out for $500 a week. Your passive income would, therefore, be about $1200, all in for a total investment of just over $1.1 million. Your year-long rental income will be just over $62,000, which is not negligible. Moreover, given that the property market in Sydney's suburbs is growing at a minimum of 10% per year and that an ADU, on average, brings an extra 30% to the market value of properties, if you were to sell, in 10 years, the value of the house bought for $1 million, and upgraded with a $120,000 granny flat, would at worst be doubled.
Is it Really that Simple?
It depends. Going for a house for sale in one of Sydney's suburbs should bring you a significant profit if you want to sell in a few years. Granted, you must also take into consideration the taxes you will have to pay, inflation, and potential market fluctuations. However, what is certain is that even in the darkest scenarios, your ROI will still be significant. Considering the housing shortage happening in Sydney and the ever-increasing demand for affordable properties, investing in 2024 in real estate for sale is a pretty safe investment that, in the long run, can contribute significantly to your family's financial well-being.
Plus, it would be best if you considered the non-financial benefits. Real estate for sale in the suburbs can be an ideal option if you are looking for a quiet environment away from the hustle and bustle of the city. Moreover, homes purchased in the suburbs can be rented at advantageous prices and can be enhanced with the construction of accessory dwelling units. Are they always cheap? No, but suburban properties have a better price/quality ratio than houses close to the coast. Therefore, in the long run, they can be an investment that will bring you both financial and personal satisfaction.
A Purchase of a Lifetime
The house you buy will probably be the most significant investment of your life. Therefore, you must make the right decision. Do you want to be close to the most spectacular sights in Eastern Sydney and be a stone's throw away from the business centre? Then, you might consider a property in Haymarket, Redfern, or Balmain. However, if you want something cheaper and conveniently located in some of the most beautiful landscapes in Australia, then an excellent idea would be to purchase a home East of Kemps Creek.
Homes in Sydney's suburbs are more affordable, often have more square footage, and appreciate financially at an accelerated rate. Is economic consideration your number one priority? In that case, a suburban house will be an ideal investment. Are you looking to spend your free time in an environment far away from the bustle and hustle of the Sydney centre? Then, you can't go wrong with a house North of Hinchinbrook. Homes in Green Valley are fantastic value for money and, in the long term, can be a significant purchase that will contribute to your family's harmony and your professional success.