Once upon a time, a million dollar home was the domain of the super wealthy.
These days, however, it’s more likely to be a first or second home buyer’s budget. Here’s what you can buy in Sydney’s inner city if you’ve got a cool million dollars to spend today.
More affordable but still reasonably competitive
Sydney’s property market may be cooling but there remains plenty of interest in high-value properties in desirable suburbs with good fundamentals. That said, the heat has left the property market and you’ll have more time to weigh up your options and buy a property at a reasonable price.
You may even find that the dream home you thought was well out of reach is actually now obtainable.
A million dollars is a popular price point and there are plenty of options for buyers looking in this price range, from stylish inner-city apartments to compact terraces. Even those looking for a family home will find a property for around the million market, so long as they’re prepared to be flexible about what they’re looking for and where.
For example, if Alexandria, where the median home price is around $1.4 million, is out of reach, you might want to consider nearby suburbs such as Beaconsfield, where the median price is currently just under $1.3 million.
For investors, the good news is that the Australian Prudential Regulation Authority (APRA) announced in December 2018 that it would end its 30 per cent cap on the proportion of new loans that can be interest only. The restriction has now served its purpose of reigning in higher-risk loans and bolstering banks' credit standards. Loosening it may now make loans more accessible which will also help the market.
The market will move again
Although the last 12 months have been something of a roller coaster ride for the Sydney property market, it’s inevitable that the tide will turn, particularly in high demand inner-city areas.
Some experts are already predicting that the market may turn a corner and start to rise again in 2019.
Domain’s latest Property Price Forecast report, which looks at how prices have changed in response to drivers such as population growth, interest rates, bank lending, unemployment rates and market sentiment, is forecasting that Australian house prices will bottom-out in 2019 before beginning to grow again, albeit at a more moderate pace.
What does a million dollars buy?
We’ve recently sold some amazing homes around the $1 million price point:
33 Buckland Street, Alexandria
1 bedroom, 1 bath, sold $990,000
2/41 Cornwallis Street, Redfern
2 beds, 2 baths, 1 parking, sold $995,000
46 Alexander Street, Alexandria
3 beds, 1 baths, sold $1,220,000
408/81 Macdonald Street, Erskineville
2 bedrooms, 2 baths, Alexandria, sold $1,118,000
Looking to buy in this price range? Check out these homes now on the market:
56 Gerard Street, Alexandria
2 beds, 1 bath
This character filled residence built in 1878 offers enormous potential. It’s also just a stroll away from desirable Erskineville.
5/58 Victoria Street Beaconsfield, NSW, 2015
3 bedrooms, 1 bathroom
A modern townhouse in a boutique warehouse development. This stylish property offers indoor-outdoor living and is large enough to be a family home.
B802/222 Botany Rd, Alexandria
2 bedrooms, 2 bathrooms, 1 parking
A spacious top floor apartment with a great outlook just 500 metres from Green Square and all its amenities.
1 Rochford St, Erskineville
2 bedrooms, 1 bathroom, 1 parking
An excellent character semi in the heart of Erskineville. This property has been updated for modern living but also presents potential to expand.
Median prices by suburb
Alexandria: House, $1,427,000; unit, $765,000
Erskineville: House, $1,315,000, unit, $820,000
Redfern: House, $1,350,000; unit, $928,000
If you’re interested in buying or selling in Alexandria, Erskineville, Chippendale, Beaconsfield, Rosebery or surrounds, get in touch with our team today.