- House prices in Sydney have risen strongly over the past decade, especially during the pandemic
- Aside from the western suburbs, very few homes can be purchased in Sydney for well below the $1 million mark
- You can, however, get a house in Botany with a granny flat for under $1 million
As all are aware, Sydney is one of the most expensive places in the world for real estate, especially detached housing.
During the last decade, house prices in Sydney saw sharp rises in weekly asking property prices, with this accelerating last year. In late 2012, asking prices were in the $800s. This peaked at $1.77 million in February of this year, according to SQM Research.
Sydney
A bit of relief has come in the form of lower house prices – with a decline of 10% recorded in Sydney from the peak earlier in the year. However, given higher interest rates, these prices remain out of the reach of most Sydneysiders.
So, what does $1 million get you in Sydney?
Firstly, let’s look at what $1 million in a unit or apartment can get you.
Studio in the Sydney CBD – $875,000
For $875,000 you can get a brand new apartment in Greenland Centre, one of the tallest residential towers in Sydney, right on Bathurst Street, near Town Hall train station.
Facilities in the building include a 30-metre indoor-outdoor pool with sun deck, a gymnasium, sauna and steam room.
The twist? It is a studio.
Double-storey three bedroom home in Greater Western Sydney – $799,000 to $819,000
With a price guide of $799,000 to $815,000, a buyer can purchase this large three-bedroom, two-bathroom property in Cranebrook, 50 kilometres from the Sydney CBD.
It is situated on a large 669 sqm block, and has an oversized kitchen dining area with a walk-in pantry. There is also a large double garage, workshop area and backyard.
It is being sold as a renovator’s dream; much of the décor is outdated.
A semi-detached in Marrickville – $1,000,000 auction guide
For $1 million on the mark is this four-bedroom semi-detached house in the inner west suburb of Marrickville, just seven kilometres from the Sydney CBD.
You’ll be in good company; the Prime Minister Anthony Albanese owns a luxury Federation bungalow in the suburb, reportedly worth some $2.5 million.
This four-bedroom, one-bathroom renovated Victorian semi features a classic bullnose veranda, and even an outdoor toilet.
There are a range of cafes and shops around, as are the Marrickville Public and High Schools. Nearby is also the Organic Food Market.
Three-bedroom house in Botany with a granny flat- $990,000
For just shy of a million, at $990,000, this three-bedroom house opposite Arthur Park could be yours.
Located on Botany Road itself, it is near shops, cafes and supermarkets.
The lounge rooms feature high ceilings and timber floorboards, with the entire house renovated and a relatively large outdoor area.
The most unique feature, however, is the granny flat; this can be leased out to help out with the mortgage.
On the other end of the spectrum, if you wish to learn more about the most expensive houses in Sydney, check out this article.
