Property For Sale In Sydney Australia

Property For Sale In Sydney Australia – Almost half of Sydney homebuyers are now looking to spend more than $1.5 million on their next property, with the most sought after price bracket exceeding one million dollars, as house prices in Sydney hit another record high this month.

The search service’s analysis found 43 per cent of Sydney home or apartment buyers are now prepared to spend more than $1.5 million, double the national average and 16 per cent more than the next best capital, Melbourne.

Property For Sale In Sydney Australia

Property For Sale In Sydney Australia

The number of buyers now looking at homes in the city above $1.5 million rose six percent through April and is up 18 percent from 2019.

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It comes as property price data released this week shows the median home in Sydney is worth about $1.2 million after a 10 per cent increase since January.

Cameron Kusher, director of economic research, said that falling borrowing costs during the pandemic and record household savings prompted consumers to spend more on real estate, which drove the increase of prices.

“Many people who normally spend their savings on holidays abroad have used this opportunity to move to a better home,” he said.

The most sought-after price bracket was homes priced between $1 million and $1.5 million, accounting for 22 percent of the activity. Mr. Kusher said more people are looking at homes under $750,000 for the first time than $2 million.

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A small two-bedroom apartment in Potts Point requires a buyer to pay $1.55 million to hold the key.

“It just shows the concern about affordability that people on lower incomes are being pushed into the more affordable pockets left on the fringes of Sydney,” he said.

“Unless you’re planning to spend more than $1.5 million, you want to get into the market east of Parramatta.”

Property For Sale In Sydney Australia

According to buyer’s agent Michelle May, many people with “FOMO” take out loans and offer the highest amount of money they can get.

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“At auction, it’s no longer the value of the property, but who has the deepest pockets.”

This flat at 11/146 Holt Avenue, Cremorne was very popular with buyers for two weeks after the auction.

Price point data showed that homes priced between $3 million and $3.5 million saw the sharpest increase last year – from eight percent to 11 percent of all activity. In 2019, only 4 percent of buyers looked at homes over $3.5 million.

McGrath Mosman agent Claudia Portale, who sells many homes in this range, said she was surprised by the number of new buyers buying homes at higher price points than two years ago. .

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“We sold the townhouse at a 30 percent premium before the auction, after he submitted 450 inquiries,” he said.

“It’s amazing how many consumers are willing to spend that kind of money today, but most of them have no choice but to face the competition.”

Ms Portale has been inundated with inquiries for a two-bedroom flat near the village of Cremorne. His seller, Fiona, said they wanted her partner to upgrade to a house in the area, and they needed to expand their location and increase the price range from where they first started.

Property For Sale In Sydney Australia

“In many suburbs, spending more than $2 million is what you have to spend to buy a modest home,” he said.

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“There’s a lot of competition at auctions where prices exceed their leaders.” Sydney houses under $600,000 have disappeared from the market and now there is only one affordable house left under $700,000.

New data from PropTrack has revealed the 20 cheapest homes currently on the market in Sydney, with most priced between $700,000 and $800,000.

17 of the 20 cheapest detached houses are located in the Greater Western Sydney region, mainly in the South West and Blacktown areas.

The cheapest Sydney home up for auction at $650,000 is a three-bedroom, one-bathroom apartment at 21 McClean Street, Blacktown.

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Mr Formosa said he had received many inquiries from first home buyers, downsizers, upsizers and investors looking to move to Blacktown and surrounding areas.

“A lot has changed in the area in the 23 years I’ve been an agent,” Mr Formosa said.

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Property For Sale In Sydney Australia

“The first home buyers we talk to are mainly going for the price they can afford. When they look at a property in this price range, they know it needs some work or renovation to bring it up to today’s standards .”

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“The value of a home comes from the surrounding amenities and infrastructure. Buyers want to get on the ground floor of Blacktown and locations close to the future Western Sydney Airport as nearby developments drive up land values. .

“If we compare where we were six months ago, the market was much wider then than it is now. We’re starting to see a return to normalcy with two or three registered bidders at the auction and a lot of people looking at these houses.”

Aerial view of the second cheapest house at 55 Alick Street in Cabramatta and its proximity to the high school and train station.

Median house prices in Blacktown have risen 9.7 per cent in the past 12 months, with buyers paying $906,000 to move to the heart of Western Sydney.

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The second cheapest home on the list is 55 Alick Street in Cabramatta, a three-bedroom, 1-bedroom home with a price guide of $700,000.

The property listing says the home is ideal for first-time buyers as it is “situated on one of Cabramatta’s best streets, convenient to Cabramatta High School and public transport”.

PropTrack economist Angus Moore says Sydney has always had pockets of affordable land to buy, despite rising prices over the past two years.

Property For Sale In Sydney Australia

Mr Moore said Western Sydney prices continued to outperform the inner-city or eastern suburbs and would continue to do so if interest rates continued to rise.

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“While prices are falling, rising interest rates are making it harder for people to save for a mortgage,” Mr Moore said.

“During the pandemic, we saw buyers wanting more space from where they live, so the initial migration to areas in Western Sydney continued as buyers were priced out of the city market.”

“Many of the homes on the most affordable list have the advantage of lower prices and more available land for families, couples and first-time homebuyers.” agents describe homes in glitzy coastal enclaves as nourishing.

As the city’s trophy homes attract the interest of the rich and famous, residences have reached $67 million — with some buyers paying without the need for a mortgage.

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There were more than 40 sales valued at more than $20 million, including two properties where sales contracts were exchanged or agreement reached in the 2021/22 financial year.

Nearly $1 billion in real estate spending came from the 30 most expensive home sales alone, agents said, marking a new era for the prestigious real estate market.

Sothebys Sydney director Michael Pallier, who has done many of the biggest deals, said the harbor city had become a magnet for the “very rich”.

Property For Sale In Sydney Australia

“It’s seen as an attractive place to live like any other city in Australia,” he said. “There’s no harbor in Melbourne. Port Phillip just doesn’t compare.

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“You can get great views elsewhere, but not in an international city. Sydney has a unique lifestyle and you’re connected to a global city.”

Celebrities including TV presenter Kerry-Anne Kennerley and actor Simon Baker are among the home sellers in high demand for Sydney’s glamorous lifestyle.

Ms Kennerley had one of the biggest sales of the financial year, fetching $22 million for her 1870s Woollahra home by the end of 2021.

Mr Baker and former partner Rebecca Rigg have sold a property in Bronte for $17 million, one of the highest prices in the coastal suburb. The couple paid $6.5 million for the property in 2015.

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Former Westpac boss David Morgan and his wife, ex-politician Ros Kelly, have sold their Vaucluse waterfront home, Rockpool, for $25 million.

Another luxury home in Woollahra, rented by the likes of Elton John and Chris Hemsworth and owned by former Coron boss Rob Rankin, has sold for $35 million.

Andrews Meat wholesaler Peter Andrews and wife Irene pocketed $34.5 million for their Mediterranean-style home in Vaucluse, with the sale attached to Amazon Prime Luxe Listings star agent D’Lynn Lewis.

Property For Sale In Sydney Australia

But those high sales dwarfed the $63 million to $67 million Matt Allen’s ex-wife Lisa Allen pocketed for the Darling Point prize.

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