Is Sydney still ripe for home buyers?
For a number of years now, Sydney has been at the top of the Australian property market food chain.
With a median house price of over $1 million, according to CoreLogic RP Data, many people will be thinking that it's a market too costly to break into. However, there has been a recent downward trend that shows the market is a much more viable option than it has previously been viewed as. With the help of a buyer's agent, your next investment move is set to be a great one, and if it's in Sydney, then you will be buying in Australia's biggest city. You could even nab yourself a bargain.
Who doesn't love the sound of that? If you have the capital or the equity to take out a big enough loan, the Sydney market holds some of the most prestigious properties in Australia. Some very serious capital gains might just be in store.
Sydney – the most prestigious suburbs
When home buyers in Sydney look for property, they'll want to be researching places that stands out as the most impressive – that's just human nature. You don't want to be settling for the first property you find, you want to be searching around for something that takes your breath away and captures your imagination. It might sound cliche, but it's the place that you'll be living for a number of years to come.
Even as investors after a rental, buying a property that doesn't stick out as something special won't necessarily entice tenants. And there are plenty of these properties to choose from in Australia's largest city. Simply ask your Cohen Handler buyer's agent about the availability of such a place and we'll set you up with a list of recommendations for you to choose from. Let the professionals make your purchasing experience not only simple, but accessible too.
Lying very close to the CBD, but also on a peninsular overlooking the amazing ocean that surrounds the Australian coastline, Point Piper is a suburb absolutely filled with prestigious properties.
You'll find homes right on the coast, or some further towards the centre of the city. It's perfect for business people with a need to be close to work as well as anyone wanting to have a piece of paradise in their property portfolio.
Point Piper is perfect for business people as well as anyone wanting to have a piece of paradise in their portfolio.
Houses here won't come cheap either, as CoreLogic RP Data states the median house price was $5,898,542 as of December last year. However, as a median, there will still be half of the residences in the suburb under that price. If you're lucky enough to have the available equity already, then there are certainly homes over that amount too – and they'll likely knock your socks off. Residex reports that the most expensive street in the suburb by median house price is Wolseley Crescent, which comes in at $10,028,107. At the other end of the scale, a Wyuna Road unit will set you back $1,550,352.
CoreLogic also states the median house and unit prices for the city overall as $1,010,360 and $688,100 respectively. While the unit price on Wyuna Road is higher than even the median price for a house, you're buying in the prestigious Point Piper, and that counts for a lot in the Sydney property landscape.
Residex states that the median house price in Vaucluse is $4,119,000, and while that's lower than Point Piper, you're certainly not going to be disappointed with anything you find here.
You'll fork out a lofty $12,896,441 for a house on Wharf Road, but a unit on Billong Avenue will only set you back $772,195 – that seems much more acceptable for anyone after a cheaper bit of real estate that's still sitting pretty in a grand suburb. Vaucluse is located one bay east of Point Piper too, so while it's a little further away than the aforementioned region, you're also closer to the open waters from a boat ramp. For many owner-occupiers, that's right at the top of the list!
A buyer's agent in Sydney will take these sorts of things into account when they're researching a home for you. Virtually any requirement you have is able to be added to the list, and a professional will set out to find the perfect place to suit your needs. Great relationships with other property agents is also an advantage of using a buyer's agent, as access to off-market properties (those the current owners haven't yet listed) is something that you won't necessarily have on your own.
This suburb on the northern beaches of Sydney is a little different to the previous two examples, but it's no less prestigious. The median house price in Mosman is $3,143,000, although that could just be down to the fact that it's further away from the CBD than the other two!
Residex states that Shellbank Avenue has a median house price of $9,793,026 – a serious leap on the suburb average. If you don't want to be so close to the city, but are still after a property that has incredible street appeal, then Shellbank Avenue is probably right up your alley. Mosman is also close to the famous Taronga Zoo, has great access to schools and other amenities and would be an excellent location for a family.
An investor will be able to open up the tenancy to families more than in a suburb with less access to schools.
That's great news for both owner-occupiers and investors. An investor will be able to open up the tenancy to families more than in a suburb with less access to schools, and an owner-occupier with a family to keep in mind can buy the property of their dreams here while also getting into a fantastic family location. Here at Cohen Handler, we take pride in our ability to find the perfect fit for families from all over. International clients, those from other parts of Australia and even those from down the road. Our services are an advantage to everyone from everywhere.
Who should buy in Sydney?
The CoreLogic RP Data Pain and Gain Report from December last year suggests that for capital gains, Sydney is the best place to buy in the entire country.
A pained property is one that sells for less than it was bought, and only 2 per cent of those sold in Sydney last year fell into this category. That means 98 per cent of the houses sold in Sydney made capital gains for their owners, and that's exactly what investors look for. The average amount of capital gains that those properties made was a whopping $354,000 – even for a seasoned investor, that's something not to be sniffed at.
And the lifestyle can't be forgotten either. Not only will you be in Australia's largest city, the Harbour City, but you're constantly surrounded by fabulous sights. The Sydney Opera House and Harbour Bridge are just two things you'll be able to see every day from your house in Point Piper and Vaucluse, Mosman might even come into that category if you buy in the right area. But there's so much more to Sydney, and a buyer's agent will be on hand to tell you all about it.
Get in touch with us today at Cohen Handler – we have your best interests at heart, and will endeavour to find you the absolute perfect property for your needs. Whatever they may be. Sydney property is something very special, and we think you'll love it.