Even in a softer market, Sydney’s eastern suburbs still hold strong for some of the highest prices in Australia.
So, what does a cool two mill get you today?
What does two million look like?
According to realestate.com.au data from April 2019, the median price for all dwellings in the eastern suburbs was $1,560,000. If your budget is a very healthy two million you will find some great options, ranging from high-end modern units to smaller houses including some truly character-filled terraces and townhouses.
House or unit?
Units are a great buy in this price range as you could find some fantastic options, such as a luxury two-bedroom unit in Elizabeth Bay with harbour views.
Finding quality houses in the eastern suburbs for under two million can still be a bit of a challenge, but there are great opportunities if you seek them out. This may mean a larger home in Paddington that needs some serious renovating to capture its full value or a character filled, but smaller, terrace house in Bondi Junction.
How much space will you get?
For under two million you can easily get a two or even three bedroom unit with parking in Sydney’s east. In some suburbs, those apartments may have other add-ons, such as a study, or could be located near to the beach or have great complex amenities such as swimming pools, gyms and concierges.
For houses, you’re likely to be looking at smaller one or two-bedroom terrace homes or townhouses. However, depending on the condition, location, aspect and appeal of the property you may even get a lot more, especially in a weaker market.
Where can you buy for under $2 million?
According to CoreLogic data, suburbs with a median sales price for units of under two million in Sydney’s East currently include:
- Surry Hills: $825,000
- Paddington: $839,000
- Randwick: $920,000
- Kensington: $880,000
- Elizabeth Bay, $1,000,000
- Bondi Junction, $1,100,000
Head for the hills
Surry Hills is one of the few eastern suburbs areas currently recording a median price of under two million for houses at $1,800,000.
A home at the beach?
A beachfront house might still be out of reach, with the average house price in Bondi Beach currently $2.7M. However, for under two million, you can buy a fantastic unit in most of the beachside suburbs. For instance, CoreLogic data shows median prices for units at $1.2 million at Bondi Beach and $1.1 million in Coogee. If you’re looking for a unit and your budget stretches to two million or above you could score something really special.
The opportunity cost of waiting
While there’s no denying that the market has cooled in the last eighteen months, we’re still seeing good prices and steady sustainable growth. Some speculate that by 2028 Sydney’s median house price will reach $2 million.
If that’s the case, investing you’re $2 million in a quality property today will pay off before prices rise again.
Properties we have sold between $1,700,000 – $2,200,000
328 Moore Park Road, Paddington
This near dilapidated three-level four-bedroom terrace on a generous block was a rare opportunity to buy such a large home in the area at this price.
39 Oberon Street, Randwick
This freestanding three-bedroom terrace home makes the perfect haven for a young family in a quiet yet convenient location.
50 Liverpool Street, Paddington
When you nudge over $2M you can find amazing properties like this charming three-bedroom Victorian terrace.
87 Windsor Street, Paddington
Also a bit above the two-mile mark, this sophisticated 113sqm terrace is on one of Paddington’s best streets.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.