First Home Buyers Locked Out Of Inner West

dilapidated fibro house

A house similar to the dilapidated old shack pictured will set you back $2.46 million in the suburb of Merryland (that’s what someone paid for a similar house in June 2015)

With first home buyers competing against private and overseas investors on price it’s hard for individuals to find a house in the inner west to call their own. First home buyers may instead have to settle for apartment living in the many new high rise apartments set for development in the Parramatta region.

The median price for property in Paramatta in 2005 was $472,000 this has now nearly doubled to $900,000 in 2015. Surrounding inner west suburbs are not much better with Ermington’s median property price sitting just shy of $1 million at $935,00. Some are hoping the “housing bubble” will burst and if it doesn’t are concerned where the next generation of Sydney residents will need to move to to afford to purchase a new home.

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Image by: Perth HD Productions