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Sydney’s property market may be cooling, but it’s still home to sky-high prices that make it challenging to turn the Australian dream of home ownership into reality.
The harbour city’s median house price sits at a sizeable $1.59 million, on Domain data, but that will only stretch so far in the nation’s most expensive city.
A three-bedroom cottage in Telopea, in Sydney’s north west, which sold for around the city’s median house price earlier this year. Credit:Maison Bridge Property
Buyers in Sydney with such a budget could look to median-priced houses in suburbs like Ermington (which has a $1.58 million median) and Telopea ($1,575,000) in the city’s north-west, as well as Penshurst ($1,557,500) in the south.
Older three-bedroom houses in the suburbs have been selling for north of $1.5 million.
Elsewhere in the state, and across the country, buyers will get better bang for their buck. But just how much more they can get varies greatly.
In Brisbane, where the median house price sits at about $831,000, house hunters could afford median-priced houses in inner suburbs like Bulimba ($1.59 million), Highgate Hill ($1,537,501) and Paddington ($1,525,500).
“The median unfortunately doesn’t buy you an aspirational piece of real estate,” said Tony O’Doherty of Belle Property Bulimba. “But it will get you into this market, in a lot of cases it’s buying a well-positioned property, but it may need some love. You can buy a nice family home at that level though.”
He recently sold a two-bedroom Queenslander in a popular spot in the suburb for $1.5 million, and a five-bedroom house on a smaller block in an upcoming area for $1.6 million.
A four-bedroom house in Doonan in Queensland’s Noosa Valley, recently sold for $1,525,000, less than Sydney’s median house price.Credit:David Berns Real Estate
In other parts of the state, buyers have recently picked up a five-bedroom house with a pool in Cairns, a four-bedroom house with stunning views in Airlie Beach and a four-bedroom Queenslander style home near Noosa that looks like a rainforest retreat.
In Melbourne, where the median house price sits at about $1,092,000, buyers with a Sydney-size budget could look to four-bedroom houses in Blackburn ($1.55 million) in the city’s east, and two and three-bedroom houses in inner suburbs like Carlton ($1,525,000) and St Kilda ($1,507,500).
Elsewhere in the state, buyers have recently purchased a four-bedroom house with a pool on the Mornington Peninsula, a four-bedroom New Gisborne house on more than 10 acres of countryside, and a modern five-bedroom house in seaside Torquay for under $1.59 million.
Selling agent David Phillips of Belle Property said that Torquay buyers could typically purchase a quality four-bedroom, two-bathroom home in a good location for between $1.5 million and $1.6 million.
He added that increased interest from sea-changers during the pandemic had seen prices soar. The median is now $1.26 million, after jumping more than 40 per cent year-on-year.
In Tasmania, a four-bedroom house in Grindelwald on a sprawling block with stunning views of Tamar River, recently sold for $1.6 million, just north of Sydney’s median house price.
Buyers will get less space in Hobart but could still pick up a median-priced house in waterfront Sandy Bay ($1.4 million), one of the city’s most expensive suburbs. However, it will likely be a property in need of work, said Abi Freeman of Knight Frank Tasmania.
A four-bedroom house in Grindelwald Tasmania, which sold for $1.6 million. Credit:Knight Frank
Two years ago, buyers with a $1.59 million budget in Sandy Bay would have had their choice of three and four-bedroom houses in top locations with water views, Freeman said.
Nowadays, she said it was the entry point for a decent family home in the suburb, which was continuing to see strong demand from interstate purchasers.
In neighbouring Battery Point, a renovated three-bedroom mid-19th century cottage with water views recently sold for $1.59 million.
On the west coast, Perth buyers could pick up median-priced houses in the beachside suburb of Trigg ($1.57 million) in the city’s north, where a three-bedroom house with a pool sold for under budget earlier this year.
Elsewhere, a four-bedroom beachfront house in Warnbo, in the City of Rockingham, a three-bedroom home on a leafy block in the Margaret River region, and a five-bedroom house with a pool in Cable Beach all sold for $1.55 million or less.
Not in Sydney but back in NSW, buyers with a budget of $1.59 million would be unable to afford the Byron Bay Shire’s median house price of $1.8 million and would fall just short of the Kiama region’s median of $1.6 million, though older style or smaller homes in both regions would still be in reach.
More premium homes could be secured in other parts of the state. A contemporary four-bedroom house with a pool in Port Macquarie sold for $1,535,000, while a four-bedroom house in Yamba with a pool traded for $1,512,000, and a three-bedroom waterfront house in Forster sold for $1.57 million.
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