News has printed tough-in-cheek article offering nine reasons why the Sydney property market is the country’s craziest:
1. There is one house (just the one) that could fetch up to $100 million [The Fairfax’s “Elaine”].
2. Sydney’s median house price is now a whopping $654,000.
3. A house that is on the market for $60 million has been earning a cool $40,000 a week as a celebrity hang out [Chris Joye’s old man’s joint, Barford].
4. Apartments in Sydney now have a median purchase price of $518,000 but million-dollar units are no surprise to us.
5. Sydney is home to 197 suburbs where the median house price exceeds $1 million.
6. Sydney auctions have become so feverish, properties can regularly sell for $250,000 more than the set reserve price.
7. Sydney house to income ratios are “severely unaffordable” [Demographia].
8. There is a “$30 million plus” apartment for sale with a $100,000 strata bill [Bennelong].
9. And when it comes to real estate marketing in Sydney — anything goes.
