The median home price is known for being an indicator of a market’s performance, but in Sydney, this varies significantly from one part of the city to the next, according to Herron Todd White’s March issue of Month in Review.
This means that what sellers can get for the city’s median value will also differ. The median house and unit prices in Sydney at the end of 2018 were $955,000 and $720,000, respectively.
Scoring a home under $1 million in the eastern suburb is difficult at present. In November, though, a two-bedroom, one-bathroom attached terrace in Surry Hills, with no parking and sitting on just 57 square metres of land, was sold for $950,000.
The south-west area, around 60 kilometres from the Sydney CBD to the suburb of Harrington Park, offers a greater possibility of finding a property within the median value range. For instance, a large, five-part renovated, 20-year-old home was sold for sold for $960,000 in December. The dwelling has five bedrooms, two bathrooms, a double garage and an in-ground pool. The house sits on a 708-square-metre corner block.
Property seekers interested in buying units for around the Sydney median of $720,000 will find that the type of unit they can get for this amount is going to be vastly different depending on where the property is located.
In North Sydney, 708/150 Pacific Highway sold in February for $710,000. The property was a newly built, 57-square-metre, one-bedroom plus study, one-bathroom unit with no parking.
In Penrith, also in a new complex, 203A/81 Lord Sheffield Circuit recently sold for $730,000. The property features three bedrooms, two bathrooms and one car space, with a living area of 116 square metres.
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