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Fark you dumb Ozzie idiot!
http://www.dailytelegraph.com.au/mo...han-world-cities/story-e6frezc0-1225872954360
Sydney homes more expensive than world cities
May 30, 2010
THE average Sydney house is more expensive than its equivalents in London and New York, a comparison of real estate in the world's biggest cities has found.
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.
A two-bedroom, free-standing house in the New York City metropolitan area (not including Manhattan) is about $180,000 less.
Residex head of research John Lindeman said: "It's quite incredible that houses are cheaper in those cities than in Sydney.
"But it's caused by the demand for Sydney houses, which keeps outpacing the supply - and that's not going to change any time soon."
In Los Angeles, it costs almost $250,000 less than in Sydney to buy a house. The peak US industry body, the National Association of Realtors, puts the median house cost at $401,000.
Sydney's real-estate market has also outstripped the major Canadian city of Vancouver, where the median house price is $612,000.
Stephen and Belinda Frederico bought a five-bedroom house at Glen Alpine, in Sydney's southwest, last month for $658,000. Mr Frederico, a waterside worker, is excited about the purchase and isn't concerned about the location or that he could have bought in New York for less.
"Sydney's expensive, and in five to 10 years people won't be able to buy in the city any more," he said.
"For $600,000, you get nothing in the city these days."I have friends who are looking to buy there and can only afford homes that need a lot of work, just so they can say they live close to the city."People need to understand that 20 years ago, if you didn't live in the city you missed out on lots. But it's not like that today."
Mr Frederico said the family had moved from a three-bedroom home at Prestons to provide space for sons Joshua, four, and Marcus, two.
In Sydney, the income-to-house-price ratio is nine times the median income, according to Demographia's sixth annual housing-affordability study, released late last year.
In cities and areas where apartments are the dominant form of dwelling, Sydney is $32,000 behind Tokyo, where an average property costs the equivalent of $683,000.
This figure, however, will buy only a one-bedroom apartment of about 60sq m.
Two-bedroom apartments in Sydney have a median price of $459,000, but their average size is 82sq m.
Even Sydney prices have to make a considerable leap to match those of the average dwelling in high-rise Manhattan, where condominium-style apartments have a median value of just over $1 million ($US868,000).
In densely populated Hong Kong, the median price for a 45sq m flat is $340,000.
http://www.dailytelegraph.com.au/mo...han-world-cities/story-e6frezc0-1225872954360
Sydney homes more expensive than world cities
May 30, 2010
THE average Sydney house is more expensive than its equivalents in London and New York, a comparison of real estate in the world's biggest cities has found.
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.
A two-bedroom, free-standing house in the New York City metropolitan area (not including Manhattan) is about $180,000 less.
Residex head of research John Lindeman said: "It's quite incredible that houses are cheaper in those cities than in Sydney.
"But it's caused by the demand for Sydney houses, which keeps outpacing the supply - and that's not going to change any time soon."
In Los Angeles, it costs almost $250,000 less than in Sydney to buy a house. The peak US industry body, the National Association of Realtors, puts the median house cost at $401,000.
Sydney's real-estate market has also outstripped the major Canadian city of Vancouver, where the median house price is $612,000.
Stephen and Belinda Frederico bought a five-bedroom house at Glen Alpine, in Sydney's southwest, last month for $658,000. Mr Frederico, a waterside worker, is excited about the purchase and isn't concerned about the location or that he could have bought in New York for less.
"Sydney's expensive, and in five to 10 years people won't be able to buy in the city any more," he said.
"For $600,000, you get nothing in the city these days."I have friends who are looking to buy there and can only afford homes that need a lot of work, just so they can say they live close to the city."People need to understand that 20 years ago, if you didn't live in the city you missed out on lots. But it's not like that today."
Mr Frederico said the family had moved from a three-bedroom home at Prestons to provide space for sons Joshua, four, and Marcus, two.
In Sydney, the income-to-house-price ratio is nine times the median income, according to Demographia's sixth annual housing-affordability study, released late last year.
In cities and areas where apartments are the dominant form of dwelling, Sydney is $32,000 behind Tokyo, where an average property costs the equivalent of $683,000.
This figure, however, will buy only a one-bedroom apartment of about 60sq m.
Two-bedroom apartments in Sydney have a median price of $459,000, but their average size is 82sq m.
Even Sydney prices have to make a considerable leap to match those of the average dwelling in high-rise Manhattan, where condominium-style apartments have a median value of just over $1 million ($US868,000).
In densely populated Hong Kong, the median price for a 45sq m flat is $340,000.
The bank approved a loan of 1.2mil for me.. i only utilised 900k leh. I am paying $5k/mth for my loan in Mel ~ Ouch ! But the capital gain is sweet...
