Sydney house prices: bizarre detail in $ 469,000 studio in Potts Point

At the same price as a comfortable sized home, this central Sydney apartment has one detail that is sure to raise eyebrows.

If there was any sign that Sydney was one of the most unaffordable cities to buy, then this downtown apartment just might be this one.

With a buying guide of $ 469,000, this suburban Potts Point studio is described as having “elegant charm” in its real estate ad.

The photos show a comfortable apartment with a small renovated living room with a “sleeping area” through to a bedroom next to the kitchen.

But photos of the bathroom reveal an unusual setup that might raise eyebrows for any potential buyer, with the toilet located inside the shower.

Belle Property sales agent Silvia Vitale defended the original bathroom layout, saying she saw a similar installation at another studio in Potts Point.

“Someone told me they also do that in the boats. It saves space. It could be part of the tiny house movement, ”she said. Australia Daily Mail.

“It really doesn’t matter if the toilet is wet. He’s probably cleaning the toilet at the same time.

The 17m² apartment, which includes access to the building’s roof terrace, is currently rented at $ 450 per week.

Australia’s real estate market climbed 17.6% in the first nine months of 2021, with the country’s annual growth accelerating at rates not seen since June 1989.

New statistics from Oceania’s real estate database CoreLogic revealed that the national home value index rose a further 1.5% in September alone, placing Sydney comfortably in the top three of the most unaffordable cities in the world. world for real estate.

The median home price in Sydney has jumped nearly $ 300,000 over the past year to exceed $ 1.3 million for the first time.

The new milestone places the average home price over 14 times the country’s average full-time salary ($ 90,300).

“With home values ​​rising much faster than household incomes, raising a deposit has become more difficult for most market cohorts, especially first-time home buyers,” the research director of CoreLogic, Tim Lawless.

“Sydney is a great example where the median home value is now just over $ 1.3 million. In order to collect a 20 percent deposit, a typical Sydney home buyer would need around $ 262,300.

“Existing homeowners looking to upgrade, downsize, or relocate may be less affected, as they have benefited from the equity that has built up as home values ​​have increased. “

But on Thursday, SQM Research released its Christopher’s Housing Boom and Bust report which predicted that midway through 2022, prices in most capitals would drop.

This is a less conservative estimate than other forecasts, with 2023 being the year the market would start to slow down, according to the big banks.

Over the past year, the Covid-19 pandemic has boosted the real estate market by more than 20%, the strongest growth since the boom of the late 1980s.

But Sydney and Melbourne, which have long been the nation’s biggest real estate hubs, are on track to drop to three and four percent if cash rates rise and regulations tighten.

Brisbane is set to challenge the trend, with the Queensland capital set to grow by as much as 14% next year.

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