**Source: Kate Burke, Domain
Spending a few extra minutes on the train could save some Sydney house hunters almost $1 million, new data shows.
Median house prices across the city's train network vary by more than $2.7 million, with the most affordable suburbs, unsurprisingly, on the western line and the most expensive on the north shore line.
But, you don't have to trek across the city to find a big change in house prices. Travelling one stop farther on several lines can save buyers hundreds of thousands of dollars on the median house price.
On the Epping line, the median drops $950,000 between Strathfield and North Strathfield in the inner west, falls from $2.65 million to $1.7 million. On the Illawarra line, riding one stop farther from Oatley to Como could save buyers almost $335,000, with respective medians of $1,618,000 and $1,283,750.
Selling agent Norman So, of Belle Property Strathfield, said buyers who couldn't afford Strathfield, which has more high-end homes and larger blocks, looked to neighbouring North Strathfield or even Strathfield South, which is cheaper still but doesn't have a station.
“I have a fair few clients migrate from the inner city to the inner west, typically they're moving from a two-bedroom terrace with no parking, to a larger home and their main want is that it's within a 10-minute walk to the train station and that is has parking,” he said. “Public transport is normally the second or third factor on the list.”
He noted residents would often purchase first in more affordable suburbs surrounding Strathfield and then look to upgrade there in later years.
While house prices typically fall as you move further along the train line, there are plenty of exceptions. On the inner-west line, Erskineville is $100,000 more affordable than nearby Newtown, and every other suburb on its line.
On many lines, buyers are also unlikely to find a bargain at the final stop. Bondi Junction and Cronulla, both final stops of the eastern suburbs and Illawarra lines, are its two most expensive. Berowra, Richmond, Emu Plains, Leppington and Carlingford are other end-of-the-line suburbs that are pricier than those with a shorter commute to the city.
“Proximity to the city is a big factor in price. Generally the closer to the city, the higher the median,” said Domain economist Trent Wiltshire. But he noted larger block sizes and properties in outer suburbs and lifestyle factors — such as proximity to the beach or the Blue Mountains — meant suburbs at the end of the line weren't necessarily the most affordable.
The median house price in Woolooware, just one stop from Cronulla, is $410,000 cheaper, while Edgecliff, one stop in from Bondi Junction, is $435,000 cheaper.
On the south line, moving one stop closer to the city, from Kingsgrove to Bexley North, drops the median by $205,000. On the north shore, the median drops $600,000 between Roseville and Chatswood and more than $875,000 between Waverton and North Sydney.
Buyers' agent Peter Kelaher, of PK Property, said people often looked at the next stops along the train line when they couldn't afford to break into the suburb they wanted.
“They'll either go more stops away or instead of looking along the east side rail, they'll go for the west side,” he said.
Kelaher said being along the train line was increasingly important for buyers as Sydney became more congested and noted that a house within two kilometres of a train station tended to be worth more than 10-15 per cent extra.
But, being next to a station isn't always a good thing either. Wiltshire said house hunters were always trying to find the sweet spot.
“You don't want to be one minute from a train station. Generally, buyers want to be a five or 10-minute walk,” he said. “A lot of stations might not be in particularly attractive locations if they're near a main road.”
Wiltshire said looking farther along the train lines was a good way for buyers to find a more affordable property.
“If you need to commute to work, a couple of extra stations is only going to cost you five or 10 minutes more, but could save you a lot.”
With development in Sydney now focusing along train line corridors, Wilshire said suburbs around existing stations and stations under construction should result in improved amenities. He noted while this could drive prices up, the increase is housing supply should help limit price growth.
Where one extra stop can make a big price difference
T1 North Shore, Northern & Western Line
Strathfield – $2.65 million.
North Strathfield – $1.7 million.
T2 Inner West & Leppington Line
Strathfield – $2.65 million
Homebush – $1,667,500
T3 Bankstown Line
Hurlstone Park – $1.45 million
Canterbury – $1.1 million
T4 Eastern Suburbs & Illawarra Line
Bondi Junction – $2,057,500
Edgecliff – $1,622, 500
T5 Cumberland Line
Canley Vale – $863,000
Cabramatta – $717,000
T6 Carlingford Line
Dundas $1,277,500
Rydalmere $1,200,000
T8 Airport & South Line
Holsworthy – $827,500
Macquarie Fields – $604,000