Sydney house prices on a rampage, page-11

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nosirommit

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03/12/19

11:26

Post #: 41765692
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Originally posted by Sidonicus1: ↑

Where as in countries who have had their very healthy cycle correction:

"Sales of homes listed at $2 million and above fell 16% in the first quarter, the sharpest annual decline since 2010, according to Redfin, a real
estate brokerage.This as the supply of those homes rose 14%, marking four straight quarters of annual increases in inventory.The average price of a “luxury” home, which Redfin defines as the top 5% in each of the 1,000 cities it tracks, fell 1.6% to $1.55 million. Nonluxury homes saw their average price rise 2.7% annually to $300,000."

Why would you buy in Bellevue Hills when you could get genuine luxury in New York or Paris for far less.

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I love studies like this.
If you actually provide a like for like comparison, it might be worth discussion.

A quick google gave me the below.

Belleview Hill $5.5m gets you 462 square meters, beautiful period home with modern reno, pool, quiet street close to some of Sydney's best schools and a 15 minute walk to bondi beach.
https://www.realestate.com.au/sold/property-house-nsw-bellevue+hill-129106814

New York City $5.95m gets you a quite small 4 bedroom (see floor plan A) in a high rise building which would clearly come with outrageous ongoing costs.
https://newconstructionmanhattan.com/buildings/the-chelsea-mercantile

There would be many more comparisons, that could probably skew the other way and given that this NY example is a new build. Feel free to post your own.
But $1.55m in NY city gets you an absolute shoe box, see studio apartment floor plan on same link.
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