Even if median prices are high in Sydney, finding a house that is less than $700,000 is not impossible.
According to The Sydney Morning Herald, the home prices in Sydney have dropped for two consecutive months making the quarter ending in December 2015 the worst since May 2013. Moreover, with the drop in home values, CoreLogic's latest data finds Sydney to be the weakest performing city in 2015. Surprisingly even if the prices are dropping, as of December 2015 the median home prices in Sydney stood at $800,000, while it is $610,000 for Melbourne and $595,000 for the other capital cities together.
"Throughout 2016, we may see further moderate value declines in Sydney and Melbourne," Tim Lawless, head of research at CoreLogic, said. And while it may take a long time before Sydney's median home price catches up with Melbourne, it is not impossible to find good-value Sydney home that costs less than $700,000.
According to Domain, the one-bedroom, one-bath home in 33/40 Victoria Street, Potts Point sells at around $650,000. Comparing it to a similar home in the area for which the median is $805,575 this one is a good deal. The 38 square meters could be a little compact but newly renovated. Moreover, the building that was designed by Harry Seidler features a rooftop terrace that has a large pool with outstanding views.
The three-bedroom house on 5/21 Longueville Road, Lane Cove sells from $600,000 to $650,000. It has two baths and a provision for one vehicle parking. It is a good deal because it is rare to find a three-bedroom unit with that price range when Lane Cove's median is a little over $1 million for a similar unit. When you are lucky, you can also get the one on 805/1 Vermont Crescent, Riverwood for about $600,000 to $650,000. It features two bedroom and two baths and has parking space for one car. Lastly, the two-bedroom house on 308/5 Stromboli Straight, Wentworth Point sells for about $700,000.
After all, according to Lawless, population growth is still strong in areas like Sydney and Melboure. He also said that economic conditions are rather healthy so despite the drop in home prices, Sydney could still be a good place to either buy a home to live in or as an investment.