Article published 01 November 2021
Why Sydney’s Inner West is perfect for your first home
1 Diverse surroundings
Sydney’s Inner West housing market is incredibly diverse from waterfront mansions to charming Victorian terraces and Federation homes, to apartments that cover the spectrum from Art Deco to Modern. It pretty much has something for everyone. Many people who have purchased their first home in the Inner West, find they upgrade to their next home in the same suburb or nearby, and this is not only due to the diversity of homes available but the community hubs they become a part of.
2 Variety of properties
A check of the real estate sales in the Inner West surprisingly highlights a high proportion of 2 bed and 1 bath properties in both houses and apartments, which is ideal for those looking to buy their first home that they can also grow into. While there are a few larger apartment developments being built on old industrial sites that will suit modest budgets, there are also more boutique developments available for those looking to buy new apartments. So, the Inner West really does offer a vast array of property solutions for your first home.
For those starting on the home buying journey in the Inner West, the usual starting point is either apartments or smaller terrace homes that suit both the budget and lifestyle of first home buyers. A unique characteristic of the Inner West is the higher proportion of semi-detached properties, with almost half of the occupied properties falling into this category, compared to 13.8% in Metro NSW. But a walk around most Inner West suburbs will also highlight how imaginative renovations have been able to transform old style terraces into large modern homes.
The improvements in infrastructure for both road and public transport are making life more convenient in the Inner West, but the reality is the village feel of the suburbs means you can usually walk or cycle to most things you need. Having lived in this area for many decades, and having seen the gentrification take place firsthand, the most pleasing change as a family has been the greening of the former industrial areas to provide great spaces for exercise and young families to meet and play. The development of the waterfront from industrial to parks and walkways is just one way that the area is becoming a great place to live and as such will become more sought after.
First Home Buyers Grant and what it means for you
The First Home Owners Grant is a great tool to help first home buyers make what feels like the most daunting financial decision of your life. The grant in NSW is worth $10,000 for a first home purchase below $600,000 for a newly constructed or substantially renovated property.
The First Home Owners Grant is unfortunately not widely used in the Inner West, with the most obvious reason being the very small number of newly constructed homes in the area. However, the First Home Buyers Assistance scheme allows for savings on stamp duty for purchases of new or established properties, and this can still be utilised by first home buyers in the Inner West.