{"id":42961,"date":"2023-05-14T11:19:06","date_gmt":"2023-05-13T23:19:06","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42961"},"modified":"2023-05-14T11:19:06","modified_gmt":"2023-05-13T23:19:06","slug":"how-to-play-the-sydney-property-dream-game","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/how-to-play-the-sydney-property-dream-game\/","title":{"rendered":"How to play the Sydney property dream game"},"content":{"rendered":"

PHOTO: Sydney. FILE<\/strong><\/p>\n

REPUBLISHED WITH PERMISSION | API MAGAZINE<\/a><\/p>\n

For most buyers prospecting for a home in Sydney<\/a> is a game of compromise when choosing between a dream home, dream location and dream budget.<\/p>\n

\"Nicole<\/a><\/div>\n
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Nicole Kidman makes it six in a row | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n
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Let\u2019s play a game. If you want to live in\u00a0Sydney, you have three options to choose from: your dream home, your dream location, and your dream budget.<\/p>\n

However, the game means you only get to pick two. This is not a game people play for fun in Sydney, it\u2019s the cold hard reality for most buyers.<\/p>\n

Living in the Harbour City is a dream for many, with beautiful beaches, vibrant culture, and endless opportunities, making it an attractive destination but, to be honest, if you want to live in this city, you can’t have it all. You can try and some do, but unfortunately you must make a choice between a dream home, dream location, or a dream budget.<\/p>\n

Dream budget<\/strong><\/h2>\n

According to CoreLogic\u2019s home value index (April 30, 2023) the median price of a house in Sydney now sits at $1,031,138, so unless you’re lucky enough to win the lottery or inherit a fortune, buying your dream house in Sydney might seem impossible and you\u2019re likely in for a tough ride.<\/p>\n

The Sydney real estate market is extremely competitive and expensive where stock levels are down to record lows in most suburbs and those such as\u00a0Lane Cove North,\u00a0Forest Lodge\u00a0and\u00a0Panania\u00a0experiencing about 50 per cent less property listings compared to this time last year, while enquiries per listing have soared to as high as 160 per cent (PropTrack).<\/p>\n

\"Ricky<\/a><\/div>\n
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Aussie cricket legend Ricky Ponting lists Brighton mansion<\/a><\/h2>\n<\/header>\n<\/div>\n

What we need to remember is that it\u2019s the transaction between a willing buyer and the willing seller who set the market value for a property, so, if we have an undersupply of properties with an over demand of buyers, it\u2019s a perfect recipe for the market to increase and is one of the major rules you\u2019d need to adhere to when playing the \u2018Sydney Property Game\u2019. Are you willing to pay something a vendor is willing to accept?<\/p>\n

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Struggling with the heat of the property market? Property expert Lloyd Edge has identified the most attainable suburbs in each capital city.<\/p>\n<\/div>\n

Dream location<\/strong><\/h2>\n

On the other hand, if you’re looking for a dream location in Sydney, be prepared to compromise on your dream home or budget because the most desirable neighbourhoods like\u00a0Bondi,\u00a0Cronulla, and\u00a0Mosman\u00a0are costly and are home to some of the most expensive real estate in the city.<\/p>\n

A small apartment in these areas will cost you more than a large four-bedroom family home in many suburbs located further out, so, this is where you need to work out what\u2019s important to you, because if living in your dream location takes priority, then you might need to extend your budget and be willing to spend more than you initially planned.<\/p>\n

\"Beth<\/a><\/div>\n
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If that\u2019s not possible because rising interest rates are limiting your borrowing capacity, you may be required to compromise on the type of property you purchase, such as settling for a townhouse or apartment instead of a house, which may mean sacrificing a backyard, bedroom and even a larger living space.<\/p>\n

Dream home<\/strong><\/h2>\n

If a dream budget is your priority, then be prepared to compromise on your location or dream home. While there are some affordable suburbs in Sydney, they may not provide the lifestyle and facilities that you desire so this could mean you need to consider suburbs in less desirable locations or that are located further afield, just to get the house of your dreams within your dream budget.<\/p>\n

For a lot of millennials, who now happen to be the largest generation surpassing Boomers (2021 census ABS data), having a family-sized home is taking priority over a \u201clifestyle location\u201d.<\/p>\n

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New house and land packages located on the outskirts of Sydney have become extremely popular since the start of the pandemic with millennials chasing the dream home over the dream location.<\/p>\n

In 2021 there were people camping in tents overnight, in scenes like that queues for Michael Jackson Tickets in the 90\u2019s, to secure a vacant allotment in a new estate area in Sydney Southwest.<\/p>\n

The median price of a new house and land package in\u00a0Catherine Field\u00a0is $980,000, compared to Bondi, with a median house price of $3,495,000.<\/p>\n

Play the game<\/strong><\/h2>\n

Buying a property in Sydney really is a game of compromise. Ultimately, the decision is yours to make. If you want to live in Sydney and enjoy its attractions, start by figuring out what matters most to you, what\u2019s important to you and your family\u2019s needs, what are you most comfortable to \u201cgive up\u201d and what are your non-negotiables.<\/p>\n

Whether it’s a dream house, location, or budget, there’s always a way to make it happen with sacrifices and compromises. Welcome to Sydney, the game we all want to win, but it\u2019s not always fun to play.<\/p>\n<\/div>\n<\/div>\n<\/section>\n

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Article Q&A<\/h4>\n
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Where is the best place to buy a house in Sydney?<\/strong><\/h5>\n
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If you’re looking for a dream location in Sydney, be prepared to compromise on your dream home or budget because the most desirable neighbourhoods like Bondi, Cronulla, and Mosman are costly and are home to some of the most expensive real estate in the city. A small apartment in these areas will cost you more than a large four-bedroom family home in many suburbs located further out.<\/p>\n<\/div>\n<\/div>\n

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What\u2019s the median house price in Sydney?<\/strong><\/h5>\n
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According to CoreLogic\u2019s home value index (April 30, 2023) the median price of a house in Sydney now sits at $1,031,138.<\/p>\n<\/div>\n<\/div>\n

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Is Catherine Fields a popular suburb to build a new home?<\/strong><\/h5>\n
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In 2021 there were people camping in tents overnight to secure a vacant allotment in a new Catherine Field estate area in Sydney Southwest where the median price for a property in Catherine Field, a new house and land estate area, being $980,000.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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