Sydney buyers priced out of their desired location due to soaring house prices can save hundreds of thousands of dollars and even millions by buying just one suburb over.
“Bridesmaid” suburbs have become more common due to patchy growth in the housing market, with average prices in lesser-known suburbs rising slower than the more known “bride” suburbs.
Others have flown under the radar and as a result kept prices lower than their trendier counterparts.
House hunters who have their sights on Castle Hill can save $356,000 on the typical house by looking one suburb over to Kellyville.
And buyers looking for an apartment in Manly could purchase in Manly Vale for $660,000 less.
Realestate.com.au median house price data showed some of the biggest price discrepancies were found around Sydney’s priciest suburbs. The average house in Cremorne was $1.05 million less than in Mosman, while homes in Queens Park were $1.094 million less than Centennial Park.
Properties in Merrylands, Smithfield, Sydenham, Harris Park, Oran Park and North Ryde all offered better value than comparable properties in neighbouring suburbs.
Realestate.com.au economist Anne Flaherty said Bridesmaid suburbs were cheaper as they were not perceived as attractive as the more well-known suburbs around them.
“In a lot of cases they offer the exact same lifestyle as the more expensive but come with trade-offs like a slightly further walk to the beach or train,” she said.
“But with the amount of money you can save it is almost always worth going for the bridesmaid.”
Apartment buyers with an eye on Rhodes could opt for Wentworth Point, which has a median $170,000 less. Basheer Hanna and wife Jasmine had never considered Wentworth Point until they purchased a three-bedroom unit after being priced out of Rhodes.
“We’re getting the same lifestyle as Rhodes and in some ways, it is better as it is not congested and offers more open space,” Mr Hanna said.
“Wentworth Point definitely wasn’t our first choice of location, but in the end, it was a no-brainer when it came down to the value for our dollar.”
Their selling agent Ania Aquino of McGrath Inner West said their $1.5 million apartment would have been worth at least $1.8 million if it was across the bridge in Rhodes. She added while “bride suburbs” tend to get higher prices because of the ease and convenience they offer, bridesmaid locations start to become hot property during booms.
“They are hidden gems and while not as popular, once people find them they can’t believe they didn’t look there sooner,” she said.
The standard house in Harrington Park costs $1.1 million, while Oran Park had a median price of $769,000 and the Baulkham Hills was $510,000 more expensive to buy into than on the other side of the M2 Motorway at Seven Hills.
Some of the most extreme savings were in the eastern suburbs, with houses in Bondi Junction $4 million cheaper than Bellevue Hill, where the average price was $6.45 million.