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
House hunters with a budget of $1.59 million will need to look to middle and outer ring suburbs in Sydney.
But buyers could pick up inner city homes, beachfront abodes and stylishly renovated houses in other parts of the country.. 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.Buyers in Sydney with such a budget could look to median-priced houses in suburbs like Ermington and Telopea in the city’s north-west, as well as Penshurst in the south.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.
“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.”
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