The affordability of just one extra train stop

If you’ve just boarded the home buyer express, chances are ‘value’ is high on your list of neighbourhood must-haves. Well, it turns out that house hunters who stay on the train for just one more stop can find affordable suburbs by train and save hundreds of thousands.

When you’re house hunting, it’s not uncommon to want to snag a bargain. One possible solution? Check out the local rail map.

New research by PropTrack shows house hunters could save hundreds of thousands of dollars simply by looking at suburbs one extra train stop from the city, especially affordable suburbs by train.

Staying on track in the hunt for an affordable home

Steadily rising property prices mean one-in-three property markets across Australia now have median home values of $1 million plus.  But this doesn’t have to derail your home-buying plans. 

PropTrack data reveals “dozens” of suburbs across our state capitals where buyers heading to the next station down the line can find more affordable houses. How much more affordable? 

In many areas, an extra train stop could result in six-figure savings – and in one case seven-figures – all for only a few more minutes on the daily commute.

Of course, the train station theory isn’t failsafe. Some trains terminate in high-value suburbs. In other neighbourhoods, popular schools or nearby beaches can boost values. But as we’ll explore below, there are many suburbs around the country where there are savings to be found, particularly affordable suburbs by train.

Sydney

As the nation‘s most expensive market, finding value in Sydney is challenging. But the train station theory can help.

According to PropTrack, the biggest savings can be found in Sydney’s southern suburbs. Buyers can pay a median value of $1.75 million for a house in Como – and save a whopping $747,500 compared to neighbouring Oatley ($2,497,500).

In the city’s inner west, buying a house in Ashfield (median $2.2 million) can deliver a saving of $300,000 compared to adjacent Summer Hill ($2.5 million). 

Melbourne

In Melbourne, Caulfield homes ($1.87 million) cost $1,121,250 less than neighbouring Malvern ($2.99 million), offering the biggest savings.

Pascoe Vale buyers who pay the suburb’s median house value of $1.049 million, can save $519,000 compared with those looking one stop closer to the city in Strathmore (median $1.568 million).

Brisbane 

The Brisbane suburb of Corinda (median house price $1.22 million) is only one station further along from Sherwood ($1.722 million). By staying a few more minutes on the train, buyers can save roughly $502,000 on an average house.

Or buyers could save $350,000 purchasing in Murarrie (median value $1,187,500) instead of Cannon Hill ($1.55 million).

Adelaide

Many of Adelaide’s beachside suburbs are on the city’s western train lines, and the waterfront appeal can see property prices rise despite being further from the CBD. 

However, there are suburbs where a single train stop can reward home buyers with big savings. 

Claren Park ($1.2 million) offers the biggest saving — $311,000 less than neighbouring Goodwood ($1.511 million).

Home buyers can save $217,000 by purchasing in Tonsley ($675,500) instead of nearby Mitchell Park ($892,500), just one stop apart.

Perth

Okay, Mosman Park (median house value of $2.4 million) is at the higher end of the price range. But it’s separated by just one train stop – and $662,500 – from neighbouring Cottesloe (median $3,062,500).

Home buyers choosing Clarkson ($730,000) could save $220,000 compared to nearby Currambine ($950,000), just one train stop apart.

Talk to us when you’re ready to buy

PropTrack’s research shows you don’t have to buy a train wreck of a home to score great value. What matters is researching prices in areas you want to buy and maybe casting your net a little wider.

When you’re ready to buy, we’ll search far and wide to find a mortgage that suits your needs. Contact our Lending Specialists today – we’ll help get you started on your home-buying journey. 

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.