Neighbouring Suburbs The Key To A Shorter Mortgage

September 24th, 2013

Sydney property buyers can pay off their mortgage up to 18 years earlier and save over $400,000 by buying next door to their ideal suburb.

A new study by Westpac has found significant savings can be gained in 10 suburbs bordering the city’s most popular choices. Buyers can have access to the same amenities as their first choice suburb for a significantly lower price. For instance, a home in Seven Hills is 34% cheaper than a home in Baulkham Hills, the city’s third post popular suburb. A home buyer in Stanhope Gardens will save an average of $128,180 over one buying in Kellyville. A buyer in Holroyd will spend around $96,000 less than one buying in Parramatta.

The largest savings apply to the most costly suburbs. A buyer in Cammeray can save $972,674 by purchasing a home there instead of in Mosman.

Once nearby suburbs attract enough buyers, they tend to also attract gentrification, which helps bring them on par with their more expensive neighbours.

Source: http://www.news.com.au/realestate/buying/suburbs-next-door-to-sydney8217s-most-popular-postcodes-are-offering-huge-savings/story-fndban6l-1226703283196