Those who have been looking into buying Sydney’s property market know how steep prices are compared to other major international cities. With prices that have doubled since 2009, Sydney has become the second most unaffordable city in the world after Hong Kong, according to a global housing market study. A million dollar won’t get you far here but a 2 bedroom apartment in need of some of renovation. Although analysts think Sydney’s property market has reached its peak, there are still some exceptional auction results in some pockets of the city. A 48 sqm one bedroom with no particular views or exceptional features recently sold for $880,000. Have Sydneysiders gone insane? Now if your budget allows an estimated price range of 7 to 9 Millions dollars this is what you could buy today in Sydney’s Eastern Suburbs. This renovated Italianate 1870 villa across my street in Elizabeth Bay, is back on the market. Considering it last sold around $4.7 Million in December 2013 and its market estimated range today is between $6.7 to $9.2 Million in just four years, it’s a nice mark up in such a short time span. This beautiful white Victorian house has a tropical feel with its palm trees on the front yard and a luxurious renovation. The question on everyone’s mind is how much will it fetch?
Did you know: The property market in Sydney is made of 50% of investors.