Where you can buy a house for under $500k in Sydney
It is one of the last suburbs in Sydney where you can still buy a house with a backyard for less than half a million dollars.
Tregear in Western Sydney is no longer flying under the radar as savvy migrant families move in and change the image of the original 1970s public housing area.
The median sale price of houses in the area is $462,000 according to new realestate.com.au data - making it officially the second cheapest suburb in Sydney behind nearby Willmot where the average home goes for $452,000.
The average Tregear price is a fraction of the cost of a house in other parts of Western Sydney and hundreds of thousands of dollars cheaper than recently built homes in the new suburb of Ropes Crossing which go for on average $675,000, despite being only 300m away.
Harcourts real estate agent Andrew Chrysanthou said private rentals and young families were now taking over Tregear and occupying former public housing properties. "The area has cleaned up 10 fold … there is more of a mix of first home buyers and investors getting into the area," he said.
Starr Partners real estate agent Scott Edwards said migrants were buying into the suburb as they began to start families and wanted space.
"They come from Parramatta where they've been in units, and now they have children they need something bigger," he said.
Realestate.com.au manager of economic research Cameron Kusher said migrants were unconcerned about the history of a suburb and would ultimately gentrify it and push up prices.
"It is close to Mt Druitt Hospital, you're not that far from Penrith, there are quite a lot of parks there, the Metro is coming in and you're not that far from Badgerys Creek," he said.
"So there are probably a few things which are ticking boxes for people."
Rishal Chandra bought a home in the suburb with his fiance last month.
"The neighbours are nice … it fits well with what I could afford," he said.
"I definitely got a bargain."
SYDNEY'S CHEAPEST SUBURBS BY MEDIAN PRICE FOR THE LAST 12 MONTHS:
Lethbridge Park $490,000
Originally published as Where you can buy a house for under $500k in Sydney