Sydney still cheap says Lord Andrew Hay

Discussion in 'Property Market Economics' started by andrew_t, 9th Apr, 2017.

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  1. hash_investor

    hash_investor Well-Known Member

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    The thing about knowledge is my friend, it never ends. USA Japan and Germany may have invented a lot but they haven't taken your share mate. Its not a race as there is no end.
     
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  2. Graeme

    Graeme Well-Known Member

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    Lord Hay is both right and wrong on this one.

    An average Sydney, and for that matter Melbourne, house is probably as expensive as somewhere in London. If I trawl prices on Rightmove, then I'm surprised how affordable some of the second tier suburbs (such as Richmond, Islington, and Highgate) are in comparison.

    However, the top-end lags behind London's super-prime areas. Very few properties in Sydney go for more than $20 million. Last year's record was down to Leon Kamenev spending $80 million on four houses in Vaucluse to build himself a compound.

    The most expensive sale in Melbourne last year was about $26 million, and less than twenty properties in Victoria exchanged for over $10 million.

    Meanwhile in London there are about fifty properties listed on the open market with an asking price of over £20 million / $33 million...

    I think that a lot of these comparisons aren't necessarily a like-for-like. For example, there was a comment about Shanghai apartments being more expensive, but I suspect that's probably the prime suburbs versus Sydney as a whole.