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May 30 2010

Sydney house prices worse than London


Newspaper reports today (30 May 2010) show the following:

THE average house in Sydney is more expensive than the average home in London and New York, according to a comparison of real estate prices in the biggest cities around the world.
Residex figures show the median cost of a Sydney house is $651,500 – almost $190,000 ahead of London, where the median price for a two- to three-bedroom house is $462,000.

So, what can you get for about $651,000 in Sydney ?

      I found this one for $679,000
Stanmore, Sydney NSW 2048 for $679,000

Stanmore, Sydney NSW 2048 for $679,000

Margaret Street, Stanmore, NSW 2048

2 Bedroom, 1 bathroom semi detached house
Distance to Sydney CBD: 5.8km Time: 10min (approx)
www.realestate.com.au/property-duplex+semi+detached-nsw-stanmore-106504093

Now to compare a similar house at a similar distance from Central London CBD.

      This one for £269,950 (or A$460,000)
Grovelands Close, Camberwell £275,000

Grovelands Close, Camberwell £269,950

Grovelands Close, Camberwell

3 bedroom, 1 bathroom, Semi detached house
Total Distance to London CBD: 4.14 mile(s), 6.66 km(s)
www.zoopla.co.uk/for-sale/details/1992063

Now to compare these to the wages…

    $679,000 is about 9.7 times the average Male Full time wage of $70,038
    £269,950 is about 9.8 times the average Male Full time wage of £27,552






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2 comments

  1. ABCDiamond

    An example of a 4 bed, 2 bathroom, house in Greater Sydney that sold for $366,000 in March 2011. The median detached house price for this suburb, St Clair, was $375,000 for the 12 months ended Jan 2011.


    This is about 50 kms (31 miles) west of the Sydney CBD.

    Luton is also about 31 Miles away from Central London, as is Canvey Island in Essex.

    Luton Average house prices are: £160,122
    £257,654 Detached
    £167,952 Semi-detached
    £138,199 Terrace
    £ 98,144 Flat

    Canvey Island Average house prices are:
    £197,278 Detached
    £171,715 Semi-detached
    £154,615 Terrace
    £ 93,929 Flat
    Source: http://www.rightmove.co.uk

  2. ABCDiamond

    According to House Price reports from the BBC, the Greater London Average house price is now £408,534.

    The breakdown between types of property is:
    £807,526 Detached (1,142 properties)
    £422,413 Semi-detached (3,529 properties)
    £446,472 Terrace (6,317 properties)
    £339,141 Flat/Maisonettes (10,766 properties)

    The figure is based on a total number of sales of 21,761.

    Localities with the highest number of sales in the 3 months ended December 2010, showing the average price for that type of property were:

    Terraced
    £631,177 Wandsworth. 394 Terraced properties out of 1,219 total properties averaging £473,691

    Wandsworth is also the location with the highest number of total “all property” sales in Greater London.

    Flat/Maisonettes
    £340,779 Wandsworth. 754 Flat/Maisonettes out of 1,219 total properties averaging £473,691.

    Semi-detached
    £335,761 Bromley. 322 Semi-detached properties out of 1,020 total properties averaging £318,395.

    Detached
    £565,526 Bromley. 157 Detached properties out of 1,020 total properties averaging £318,395.

    Source: http://news.bbc.co.uk/2/shared/spl/hi/in_depth/uk_house_prices/counties/html/county39.stm

    Lowest average priced properties in Greater London

    • Barking and Dagenham had the lowest average price Detached Houses at: £254,571 with 7 sales
    • Barking and Dagenham had the lowest average price Terraced Houses at: £185,001 with 198 sales
    • Barking and Dagenham had the lowest average price Semi Detached Houses at: £212,399 with 35 sales
    • Bexley had the lowest average price Flat/Maisonette properties at: £137,692 with 105 sales
    • Barking and Dagenham had the lowest average price all properties at: £179,519 with 317 sales

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