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Sydney apartment sells for stupid price

Seal Media Group, Australia

A buyer snapped up the property in Manly for $2.972 million this weekend, almost doubling the median price for a two-bedroom apartment in the area of $1.6 million.The apartment in the Trident building on North Steyne in Manly is a two-bedroom, one-bathroom unit with a car space and boasts some amazing beach views and a prime location.“From a soaring sub-penthouse vantage point on Manly’s coveted beachfront strip, this impressive apartment is immersed in a simply breathtaking 270 degree panorama that sweeps from the ocean’s horizon and the harbour to the city skyline and sunsets over the north western ridges,” the listing reads. “Placed on the penultimate floor, lift access, 147 sqm on title. Seven minute stroll to Manly Wharf, 20-30 minutes to the city.”Property prices have risen as high as $1.2 million in a year for suburbs across Australia as the housing market continues to skyrocket against the backdrop of the Covid-19 pandemic.Realestate.com.au research showed more than 250 suburbs saw their house prices rise by around $200,000 between May 2020 and May this year, while 24 suburbs saw their prices soar to $50,000 and beyond each month – most of those in NSW.New research from Finder, released last week, found that property prices in Sydney and Melbourne will have their property prices rise by eight and nine per cent, pushing the dream for first home buyers further out of reach.That’s a jump of $76,619 in Sydney to make the average price of a house a whopping $1,070,917 by July 2022.“After lockdowns were eased, the number of properties being sold increased by around a quarter,” said Graham Cooke, head of consumer research at Finder. “In other words, while lockdowns didn’t dampen the housing market much, the ending of them lit a fire that is still going.”Mr Cooke said some homeowners may be purchasing beyond their means in the midst of the housing market frenzy.“The past 12 months have seen property prices explode as record numbers of Australians have fled into the housing market,” he said. “Low interest rates have encouraged many buyers to purchase earlier than they otherwise might have for fear of missing out.“But not all of them will have budgeted for their monthly repayments to go up if or before the cash rate increases,” he said. “Finder analysis reveals the average monthly mortgage payments in Sydney are worth 76 per cent of the average worker’s after-tax earnings – the highest in the country.”

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