Home buyers willing to compromise on space can buy into prime pockets of Sydney for a fraction of the cost, but will face a hurdle when it’s time to upsize.
More than $7 million separates median house and unit prices in suburbs like Bellevue Hill and Vaucluse.The widening price difference is making it harder for buyers to upsize.House hunters prepared to make the switch to apartment living can buy into Sydney’s prime suburbs for a fraction of the price.
More than $7 million separates median unit and house prices in Bellevue Hill and Vaucluse, while units in Bronte, Mosman, Lindfield, Strathfield and Freshwater, cost less than a third of each suburb’s house median, Domain data for the June quarter shows. KPMG urban economist Terry Rawnsley said the biggest price gaps were in well located, often already dense areas, where blocks of land commanded the highest premiums, and apartments tended to be in older blocks.
“Once you’d buy a two-bedroom apartment, get a bit of equity, maybe have a child along the way and then trade up to a detached house, but now … more people have to go to a three or four-bedroom apartment next,” he said. Ray White Upper North Shore sales agent Jessica Cao said apartments in the region mostly drew interest from second home buyers and downsizers, given median unit values topped $1 million – for which it was hard to find a decent two-bedroom unit.
“Lindfield is really good, it’s not too far from the city, about half an hour by train, it’s close to Chatswood ... but it’s just the house prices are so scary, houses are up to $4 million to $5 million around Lindfield, so we have to move outward, so we can [afford to] get something with land, and more space for the kids,” he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Low level radioactive isotopes' found in home after raid in Sydney's south"The material was found in suitable and effective containers, with no release of radiation."
Read more »
‘Low level radioactive isotopes’ found after border force raid at Sydney homeFire and Rescue New South Wales confirms discovery of the material after it was called to assist Australian Border Force during search of Arncliffe property
Read more »
Residents evacuated after radioactive isotopes found at Sydney homeStreets were locked down and residents evacuated as radioactive isotopes were removed from a home near Sydney Airport in an Australian Border Force operation.
Read more »
Sydney mother saves entire family from burning homeThe home&x27;s interior was completely destroyed, but Sandy Al-Qhameesi is just grateful that no one was injured.
Read more »
No national security risk after 'low-level nuclear isotopes' found in Sydney homeThe ABF finished their nearly 14 hour operation at a unit on Kelsey Street in Arncliffe at 10.20pm yesterday.
Read more »