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
Margaret Street, Stanmore, NSW 2048
2 Bedroom, 1 bathroom semi detached house
Distance to Sydney CBD: 5.8km Time: 10min (approx)
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
3 bedroom, 1 bathroom, Semi detached house
Total Distance to London CBD: 4.14 mile(s), 6.66 km(s)
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
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
£ 98,144 Flat
Canvey Island Average house prices are:
£ 93,929 Flat
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:
£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.
£340,779 Wandsworth. 754 Flat/Maisonettes out of 1,219 total properties averaging £473,691.
£335,761 Bromley. 322 Semi-detached properties out of 1,020 total properties averaging £318,395.
£565,526 Bromley. 157 Detached properties out of 1,020 total properties averaging £318,395.
Lowest average priced properties in Greater London