St Marys studio is Sydney’s cheapest property after hitting the market with $219,950 guide
Sydney’s cheapest property has been revealed to be 4/308-310 Great Western Highway, St Marys.
Property prices in Sydney might be up 8.8 per cent since the start of the year, but that doesn’t mean you can’t buy on the cheap in Australia’s most expensive city.
A western Sydney apartment on the Great Western Highway has positioned itself as the cheapest residential property in the Sydney metro area.
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The studio is listed with an unbelievable $219,950 price guide, which means househunters could get themselves onto the property ladder from just $11,000.
The studio is perfect for a student or someone after an entry level property.
Realestate.com.au reveals the guide of 4/308-310 Great Western Highway is about half the $470,000 median house price for apartments in St Marys.
Raine & Horne St Marys agent Jack Turner said by taking advantage of the First Home Loan Deposit Scheme (FHLDS), a first-time buyer could purchase the unit with a deposit just a tick under $11,000. At the same time, the stamp duty savings represent about $6,000.
“Usually, first-home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance, which can add many thousands to the cost of a loan,” Mr Turner said.
The kitchen has room for a fridge and has been updated.
“Under the Scheme, eligible first-home buyers can purchase or build a new home with a deposit of as little as 5 per cent.”
Mr Turner urged first-home buyers who have their finance in place to make a move on Sydney’s cheapest apartment quickly as it was expected to be popular with investors.
“Apartments like this will rent for about $230 a week, which represents a healthy 5.4% yield,” he said.
The property is set to be popular with first-home buyers and investors.
The real estate agent said the investment return was incredibly rare, and due to the studio’s location close to University of Western Sydney, there will be a steady supply of tenants, especially once international borders reopen.
House hunters could also bag the property for less than what the owners paid for it in October 2016. CoreLogic reveals the owners paid $249,000, which is $29,050 more than the price guide in 2021.
The studio is located in a gated estate and features airconditioning, an updated bathroom and a separate kitchen. There is also an internal laundry, manicured common areas and a storage closet.