Zurich area: Affordable access to the dream property in Winterthur, Uster & Co.
July 6, 2025
When thinking of Winterthur, Uster, or Dübendorf, most people envision well-connected S-Bahn locations, but few know that properties can be secured here through compulsory auctions (ZVG) at double-digit discounts. While the canton of ZH recorded only 27 auctions in 2023 (≈ 1.7 dates per 100,000 inhabitants), more and more properties moved from the City Core into the commuting municipalities, thereby catching the attention of bargain hunters.
1 | Market Statistics for the Surroundings
| Canton | Ø Owner-Apartment 2023 (Thousand CHF) |
ZVG 2023 (Units) |
ZVG / 100,000 EW |
|---|---|---|---|
| ZH | 1,793 | 27 | 1.7 |
| AG | 642 | 26 | 6.2 |
| TG | 1,053 | 17 | 6.1 |
| SG | 547 | 23 | 4.5 |
| SZ | 135 | 9 | 5.7 |
Source: Market Report 2023
The table shows: Zurich shines with the highest market values, but in the surrounding cantons, especially AG and TG, the density of auctions per capita is significantly higher. The result: less competition in the room and starting prices that can be up to 40% below urban levels.
2 | Understanding Price Leverage, from Lake Zurich to Wine Country
- Initial bid at 70%: An ownership apartment with a market value of 1.79 million CHF starts at 1.25 million CHF.
- Second call with no minimum: If no bid is accepted at the first meeting, the price barrier falls, in 2022, this occurred for 7% of Zurich objects.
- Utilizing the seasonal lull: In July 2024, the enforcement offices registered only 19 auctions nationwide, an ideal bargain time.
“The urban cantons of Bern and Zurich are lagging behind in per capita comparisons due to their population size, despite having absolutely high unit numbers.” - Market Report 2023
3 | Three Micro-Strategies for Winterthur, Uster & Co.
1 | Fix & Let in Winterthur (ZH)
3½-room apartment, market value 910,000 CHF,
Initial bid 637,000 CHF - Award 698,000 CHF (77%).
New rent 2,450 CHF/month → Gross yield 4.2%.
2 | Light-Industrial Lofts in Uster (ZH)
Commercial loft, market value 1.2 million CHF.
Conversion into 8 studios of 20 m², target rent 175 CHF/night → IRR > 10%.
3 | "Trade-Up" at the Rhine Falls (SH / ZH)
Single-family house Flaach, market value 1.05 million CHF,
Award 765,000 CHF (-27%). Partial subdivision & resale as two row houses → Capital leverage 35%.
4 | Financing & Bidding Tactics
- Secure liquidity: 10% cash deposit on the day of the auction, the rest within 20 days, an irrevocable bank guarantee impresses co-bidders and judges.
- Check regional appraisals: Market values in the surrounding areas are often based on city comparison prices, a short appraisal can save five-figure amounts.
- Aiming for holiday months: July/August see 60-70% fewer auction dates, those who stay home have the hammer in their favor.
5 | Secondary markets outside ZH where commuting is worthwhile
- Limmattal (AG | ZH): 26 auctions in 2023 with an average market value of 642k CHF, perfect buy-to-let size.
- Frauenfeld & Winterthur North (TG): Condominiums average 1.05 million CHF, but hardly any bidders (6.1 auction dates/100,000 inhabitants).
- Wil & Rheintal (SG): Average market value of 547k CHF, the cheapest large area in Eastern Switzerland with Intercity connections.
6 | FAQs for First-Time Bidders
Can I view the property beforehand?
Yes. The enforcement office sets an official date, often just one hour. Bring a camera & checklist!
How does financing work?
Banks usually finance ZVG properties up to 70% of the award. The first 10% must be deposited immediately.
What happens with existing tenants?
Rental agreements automatically transfer (OR 261), termination for personal use is possible only after three months.
Conclusion: Prime Location ≠ Prime Price
The Zurich surroundings demonstrate that dream properties are by no means reserved for listed premiums. High urban market values meet an above-average density of auctions in the adjacent cantons, creating perfect conditions for anyone looking to secure the next bargain by the S-Bahn with good timing, strong financing, and a bit of courage. The next hammer sound could already be your ticket to a dream location.
