Sydney VS Melbourne property for $700, 000
Simon Cohen – Managing Director of Cohen Handler was featured in a recent article on CBA’s MyWealth commenting on the typical properties purchased in Sydney. Escalating prices of Sydney and Melbourne property have raised the average value to $785, 000 and $580, 000 respectively, with the two cities averaging at $700, 000 together.
So, what can you get with $700, 000 in Sydney?
Due to the intense nature of Sydney’s property market, finding a house or townhouse within the inner suburbs of the CBD for $700, 000 is unlikely. At this price, Simon believes buyers should resign themselves to a larger apartment rather than a house.
“$700,000 in inner Sydney looks like a one- or two-bedroom unit,” Simon says. “If it’s the former it may have parking; if it’s the latter it probably won’t.”
Luckily, for buyers looking to purchase a house, there are more opportunities in Sydney’s west with suburbs such as Parramatta, Harris Park and Blacktown being at the top of Simon’s recommendations.
“Parts of the western suburbs still offer comparatively good value for money,” says Simon. “As an investor, you can still buy property there at a lower price point that has a good chance of decent capital growth, especially as infrastructure develops there.”
Simon recommends investors to look towards middle and outer ring suburbs on train lines that offer some of the lifestyle features of blue-chip inner suburbs, such as cafes, restaurants, parks and schools.
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