Bye Sydney, what else can you buy with $1,000,000?

Bye Sydney, what else can you buy with $1,000,000?

For First Home Buyers, the ever increasing market is proving to be a stumbling block for those getting into the market. Whether you are looking for investment, or a home to live, buyers are still continuing to find themselves priced out of the market entirely.

But, is it all doom and gloom? And why must we be so fixated on the Sydney Metropolitan Market?

Lets investigate further!

CoreLogic is the focal point for all Real Estate Knowledge. It’s important to know of this tool, or at least be able to pinpoint whether data has been sourced from the ‘RP Data Daily Index’.

According to the Monthly Values ending September 30th 2015, Sydney’s Month End Value for Houses is $1,014,530. This shows a 17.64% change year on year.

It’s important not to read too much into these sorts of Statistics. Naturally, a home in the greenfield areas are not going to command the same value as those in the existing inner-metro areas. In the same light, the Greenfield areas can often show a stronger year on year percentage increase, than those in existing and established suburbs.

Lets just take the Month End Value for this exercise, and call it $1,000,000.

What can $1,000,000 buy you in today’s market? Today, we look at Sydney, the Central Coast and Brisbane.

Sydney

14 Kiernan Circuit Abbotsbury NSW

House 1

Tucked away near Edensor Park is the South-Western Sydney suburb of Abbotsbury. A lovely $1,000,000 dollars would have bought you this North Facing 4 bedroom home, with potential 5th bedroom on a 605sqm block. Take the M5 and your looking at just under an hour commute to Sydney CBD!

303/28 West St North Sydney NSW

house 2

Sold for $970,000, this two bedroom, 106 square metre apartment showcases open plan apartment living. Balcony to both the main living area and the master bedroom? Yes Please. With a car spot also, this lovely low level apartment is just 15 minutes walk to North Sydney Station. You wouldn’t even need a car!

I won’t bring us up too many more examples. For many, both these options are completely off the
table for buyers, first home, or otherwise.

But what can the same money buy in other Capital Cities and Regions?

Central Coast

175 Cape Three Points Road Avoca Beach

house 3

Ever dreamed of luxurious beachside living? Well for the same price as a North Sydney Apartment, you could have bought this stunning designer home, with absolute top quality finishes, and a mountain vista. Just minutes to the famous Avoca Beach too. It’s an hour and a half drive to Sydney CBD – only 30 minutes longer than Abbotsbury. Is that too much a price to pay for ‘Cape Villa?’

24 Casino St Terrigal

house 4

Maybe Avoca is a little bit too quiet for your liking. How about Terrigal? The Central Coast is certainly not in short supply of architecturally designed homes, with this beauty, again just minutes from the beach. This one is an entertainers dream, and once again, for $935,000, it’s cheaper than an apartment in North Sydney. Did I mention it had a spa?

Brisbane

20 Saunders St Indooroopilly QLD

house 5

If it took you 20 minutes from the North Sydney Apartment to drive to Sydney CBD, it’s only fair to show you Brisbane’s equivalent. Price wise that is. For less than the North Sydney 2 Bedroom apartment, you can buy this 5 bedroom, architecturally designed stunner on 721 square metres in Indooroopilly. And yes, it’s under 20 minutes to the Brisbane CBD on the road. Fully renovated inside, with top quality finishes.

550 Grandview Rd Pullenvale QLD

house 6

Our Brisbane readers will tell us that Pullenvale is barely in Brisbane at all. But at just under 45 minutes to Brisbane CBD, it’s closer than Abbotsbury is to Sydney. So, what can you buy for under a million dollars 45 minutes from Brisbane CBD? 10 acres is what. Private Road, architecturally designed home, more garages than bedrooms, gourmet kitchen, bamboo flooring, home theatre room, beautiful pool, and city views. Now I could get used to that.

Obviously, a lot of these homes are at a higher price point than their local counter parts, but the point of this exercise is to open up and to understand the price points of the other Capital Cities in Australia, and how their market operates.

Next week, we will look at Entry Level Price points in other regional centres, and capital cities.

Author

Michael Turner is a Property Development and Analytics Specialist operating in Sydney's Growth Centres and corridors. He is a Director of YPI, along with several roles at property development firms and agencies. He can often be heard on various radio mediums talking about Football and Property. You can find him on Twitter @mturnerypi or email him directly at m.turner@youngpropertyinvestor.com

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