Comparing the current results with that of its July 2020 survey also allowed HTW to see just how the market has changed over time and the security delivered by real estate investment.
“For example, in 2020, $700,000 in Western Sydney would secure a one-year-old, two-bedroom unit in Parramatta, or even a house and granny flat in St Marys, while a two-bed unit in Marrickville went for $655,000,” Brogan said. “Looking at the 2023 options and you can still buy a unit in Paramatta for $750,000, but it will be a few years older than that 2020 purchase. In Marrickville that same two-bed unit described above would be closer to $750,000 and the home in St Marys would be a small two-bed cottage in need of an upgrade.”
A similar situation can be seen in other areas.
“In Melbourne, a new house-and-land package in 2020 would have cost between $500,000 and $650,000 in Glenroy, Fawkner and Reservoir, but in 2023 you’ll be paying above $750,000 for most detached homes and even some townhouses,” Brogan said.
“Detached two- or three-bedroom housing would have been available in Ringwood, Warrandyte, Mitcham, and Doncaster for $700,000 in 2020. A look at today’s sales suggests buying in those same suburbs with a $750,000 budget will get you a new two-bed unit in an older duplex unit. A stand-alone house will be outside your budget.”
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- Source: https://www.mpamag.com/au/news/general/residential-property-still-a-solid-asset/450398
