With $1 million now buying well-equipped apartments and smaller terrace houses, a decent budget of $2 million or more can go far in the inner city, giving buyers access to space, premium features and style.
Here’s what you can buy for $2m+ in Sydney’s inner city and why now’s the time to buy.
Features and style for over $2m
$2 million is a very healthy budget in the inner city, positioning prospective buyers firmly above the median house price across most suburbs. In Alexandria, the median sits at $1.35m for houses overall, while it’s $1.23m in Erskineville, $1.28m in Redfern and $1.25m in Newtown. For these median prices, homes are two- or three-bedroom, with good space for families and plenty of features.
But playing in the higher end of the market means an upgrade on all fronts, often with a focus on luxury and style. For $2 million or more, you’ll often find beautiful Victorian terraces, freestanding homes or new developments. You’ll get two storeys, maybe a wide street frontage, three or four bedrooms, a couple of bathrooms and stylish appointments. Small swimming pools aren’t uncommon and spacious al fresco entertaining areas are the norm.
Parking is possible, though not always a given, but street parking permits and great public transport options often fill the gap. These homes are just as likely to be located in a peaceful residential streets as they are right in the centre of the action, so there’s an option for every buyer’s preference.
Who’s buying properties for $2m+?
There’s no denying that $2m is a sizeable budget in Sydney’s inner city, so it’s not usually the market for first-time buyers.
Buyers in this price range have often been in the area for a while, raising their families in smaller houses or apartments, but they’re now looking for a bit more space – especially in the backyard. For a higher budget, they can stay close to the city for work and keep the inner-city lifestyle they love. But there are also some buyers coming into the local market from other parts of Sydney, making the most of a cooler market to get a good deal on city proximity.
For those wanting a bit more comfort and luxury in their home, $2 million provides a step-up to their desired way of living, so it can be a good move for buyers with older kids or teenagers in the house.
Why now’s the time to buy in the $2m+ bracket
Domain’s June Property Price Forecast suggests that Sydney’s median prices will hit a low around spring this year, with slight increases of 3–5% coming in 2020. This turnaround comes from low-interest rates, potential changes to lending rules and the Coalition’s election win, as well as strong population growth.
As I’ve written before, this flatter market makes for the ideal time to upsize, as it’s less of a jump from your current home to your next one. You can often get more bang for your dollar in this market than you would when the market’s on the up.
Properties to buy for $2m+
We’ve sold some really stunning homes for $2m or more in the inner city and we often have more properties coming on to our books, so get in touch to find out more.
Some recent listings include:
225 Lawrence St, Alexandria
4 bed, 2 bath, 1 parking, $2,400,000
60 Rochford St, Erskineville
4 bed, 3 bath, $2,460,000
2 Gibbes St, Newtown
4 bed, 3 bath
220 Victoria St, Beaconsfield
5 bed, 4 bath, 1 parking
Looking for a home in Sydney’s inner-city for $2 million or more? Get in touch today.