The Sydney suburb of Belfield still has houses under $1 million

While Sydney’s median house price is now an eye-watering $1,068,303 according to Domain Group, not all suburbs are squarely in the million-dollar club.

The quiet, leafy suburb of Belfield, situated 14 kilometres south-west of Sydney’s central business district, recorded a median house price of $900,000 in the six months to September 2016, according to data from Domain Group.

Though Sydney’s median house price has risen 2.1% since last year, Belfield’s median house price has fallen 18.2% over the same period, making it an attractive option for priced-out homebuyers from the inner west.

Dr. Andrew Wilson, chief economist of Domain Group, said that Belfield may have been affected by lower sale volumes over the period. “There’s no doubt that Canterbury-Bankstown was a weaker part of the market earlier this year. It had very strong growth in the last year or two, so the declining affordability did push people out of the area [and] the market has eased off the back of that.

“However, it is recovering and we’ve seen clearance rates improving. We should see price growth start again soon…and I believe we may see Belfield moving towards the million-dollar mark next year…thanks to its established infrastructure and amenities, but also its proximity to the CBD.”

Simon Smajo Hadzic of Elders Real Estate Inner West noted that there’s now a strong demand for properties in Belfield, largely because it offered a more affordable entry point than the neighbouring suburbs of Croydon Park ($1.25 million), Strathfield ($2.4 million), and Burwood ($2 million).

“A lot of the buyers we’re seeing have been wanting to buy in Croydon Park and South Strathfield. Belfield is just a few hundred metres away from those suburbs, and as those areas get more expensive, more people are making the move here as they can get good size blocks of land, in a central location, with good public transport,” he said.

Aside from its relative affordability, Belfield also offers great amenities like shopping outlets, public and private schools, and plenty of parks.