- With property prices booming, what can you buy in Sydney for a budget of $500,000?
- The Property Tribune has scoured all the listing sites, and found three very different offerings
Sydney house prices have continued to soar through 2021, along with much of the country.
CoreLogic recently reported there are 218 suburbs and regions that have a $1 million median price – with a quarter of these in Sydney, where 40% of sales have been above the $1 million mark.
SQM Research data shows the asking property prices for all houses across Sydney is now $1.5 million – 9.1% higher than 12 months ago, reflecting an annual change of 6.2% over the past 10 years.
Sydney
[Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return]
Even units remain relatively high with the asking price for all units sitting at $664,205 as of June, although, compared to 12 months, this represents a decline of 4.4%.
In light of this, we have decided to see what $500,000 can get you.
Why $500,000?
With home loan interest rates hovering around 2%, theoretically, a home buyer could gain a $500,000 (interest only) loan and pay just $200 a week in repayments.
$500,000 also happens to be the median house price in Perth.
So, for the average house in Perth, what will $500K get you in Sydney?
What $500,000 gets you
The short answer is: aside from some units and houses in Greater Western Sydney, not very much…
- Apartment at 2/8-12 Marlene Crescent, Greenacre
This 3-by-1 apartment in Greenacre, located 17 kilometres south-west of the Sydney CBD, is currently listed for $488,000. The listing boasts an apartment with no common walls, a sun-drenched north facing balcony in a neat block of six.
2. Studio at 332/27 Park Street, Sydney
For slightly above the budget at $515,000, you could get a 27 square metre studio, albeit along Park Street in the Park Regis tower within the heart of the Sydney CBD. The studio has views of both the harbour and city, which can also be enjoyed from the rooftop pool and sundeck.
3. House at 1/28 Norfolk Street, Mount Druitt
For those wishing to purchase a house, this 2-by-1 in Mount Druitt, 38 kilometres west of Sydney, is listed for $450,000 to $475,000. It’s one of the only detached houses you can buy for under half a million.
Located on a 385 sqm block, the house has a combined dining/living area, open plan with an external laundry featuring a second toilet. The house is currently being rented out at $280 per week according to the listing.
According to realestate.com.au, this house may be a bargain. In recent weeks, most of the house sales in Mount Druitt have been closer to the million-dollar mark – the below house on Frank Street sold recently for $890,000. In September 2019, the same property was purchased for $702,000.
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This is the first in a series of articles looking at what $500,000 can get you around the country.
