Is Sydney Expensive

Great example here of how expensive Sydney is (or how cheap outer NY is)

Zillow Premier Agent

This property is similar to owning something in Blacktown or Liverpool......

 

No car space but yes Sydney is more expensive than new York and I'm not sure that's a good sign So therefore Melbourne is about the same price and brisbane (an unknown city) is only just a little cheaper than ny. I think this shows Australia is probably overpriced.
However you could do a similar comparison with aucland and vancouver also being expensive in comparison to ny. Perhaps the USA has stricter controls on Chinese money coming in? I think
@MTR a few years ago was saying USA looked better value than oz

 

Nope, USA has no restrictions on overseas investing.

 

Which in 20 years time they may well regret

 

There are also many properties in Blacktown requiring some renovation work for circa 700k aud (assuming .75 to .77 exchange rate)

This one doesnt even need an upgrade inside and its almost similar in price

http://www.domain.com.au/2014174536

This doesnt seem to prove much at all to be honest

What are the annual local, state and federal tax/rates on that type of property

 

That's been the situation in the USA for 400 years.....I'm just pointing out that Sydney shouldn't be more expensive than NY.....but it is.

 

Don't get me wrong....probably better quality houses in Blacktown too....and maybe I picked a bad example with Jamaica NY (I just picked it as it came up in my facebook ads and thought hmm property chat guys might get a kick out of this).

Here is an area about 15 mins from my place. PLG is pretty similar to say Hurstville in Sydney.

https://www.zillow.com/homes/for_sa....942902,40.63475,-73.970368_rect/14_zm/0_mmm/

 

Again no cheaper im seeing 1.5m to 2.5m usd on the first page.

Thats 2m aud to 3.5m aud at .77 exchange rate.

That isnt way more cheaper than hurtsville.

 

US has very high land tax from memory which is smart, directing resources to more productive use rather than just roofs over head

 

The big difference is Australia’s population is so concentrated in only a few large cities where everyone wants to be close to jobs. I.e. a large portion of the population wanting to live in a relatively small number of highly desired locations. There’s a much larger number of mid-sized cities in US and satellite cities surrounding many of the large US cities.

 

State property taxes in the US can also be quite high. a 1.5m USD house in Brooklyn New York will set you back about $10k USD per annum in State Property Taxes.

New York Property Tax Calculator | SmartAsset.com

i recall a friend of mine who owns a place on Park Avenue to be paying around $30k USD per annum in property taxes. it seemed ridiculous.

 

Moreover, given average NY yearly income and given the currency difference (and potentially cost of living too), our prices should be quite less than this in absolute numbers to be equal for the local market.

 

We've fooled ourselves somehow to think we're in the same league as New York and London

 

i very much doubt they gonna regret it.

the discussion shouldnt be why sydney is more expensive than new york. maybe people would argue for and against for both cities.


the arguement is why the leader of the "free" world has such a vast gap in distribution of wealth. america us land of the rich and brave.. but also leader of violence and homeless among (1st world nations).

i would argue commonwealth nations (the big 3) have a much better distribution of wealth.

in the state of new york, you will have harlem or bronx, but also Rockefeller family and anything in between.

if you are rich the world is your oyster, dont matter its vancluse or manhattan, makes no diff you just live where you prefer,

if you are poor.. do you prefer blacktown or harlem.. i know which i like better. and we havent even discuss education and health care lol.

 

Which is smart from an economic perspective. Limited economic resources won’t be tired into property. Guess that’s why shares are preferred form of investment.

 

Blacktown isn't Queens new York though

 

Can you unpack this please

 

@datto doesnt live in queens so of course it isnt as illustrious as blacktown

 

I think San Francisco is more comparable to Sydney in a few important aspects such as the weather, lifestyle and ethnic demographics etc... Sydney has better beaches and harbour but they have the silicon valley nearby. SF costs way more than Sydney in terms of housing for both renting and purchase. NY is a much bigger city but certainly not a better city in ways that matters the most IMO

 

Jamaica in Queens is a rising market.....
Property looks to be located nearer South Jamaica...
South Jamaica is a ghetto area.....?
Never Before Seen Look Inside the Queens New York Ghetto

Not comparing apples with apples in NYC.....