Renting in Sydney
The high cost of living in Sydney can be a shock for people wanting to make the move to Australia. So before you arrive in Sydney get familiar with the different suburbs and price ranges to see where you and your budget fit in.
The least affordable suburbs in Sydney are Elizabeth Bay, Rushcutters Bay, Potts Point, Woolloomooloo, Double Bay, Milsons Point, Kirribilli, Darling Point, Point Piper, Edgecliff and Woollahra. Affordable rents are available further from the city in suburbs such as Blacktown and Cabramatta.
A one bedroom apartment in the CBD will cost you an average rent of $2638.33 a month while a three bedroom will cost you $4802.11. If you want to rent further out you'll be looking at $1864.58 a month for a one bedroom and $3023.64 for a three bedroom apartment.
Buying in Sydney.
Sydney has more than 500 suburbs so where you buy all comes down to your price range and preference. But in such a diverse city there is something for all tastes regardless of whether you want an apartment in a lively neighbourhood, a home near the beach or a larger house on a bigger section. And with Sydney's multicultural population there are areas popular with people of particular cultures and nationalities.
Obviously the outer suburbs are cheaper if you are prepared to commute.
Sydney recorded double-digit value growth over the past year with values increasing by 12.2% - cver the march quarter, prices in Sydney reached a record median of $1,151,565, although the annual trend for the rate of growth has slowed since then. Economist and market commentator Saul Eslake anticipated prices would rise further in 2017 – though “not as rapidly as in the past”.
There are issues to be aware of when buying Sydney real estate:
- Stamp duty is a tax payable within three months from the date of exchange of contracts, paid by the purchaser. The higher the cost of the property, the higher the duty. In NSW, it is about 4.7% of the purchase price.
- Your principal place of residence is generally exempt from land tax if the land value is less than $3 million. But if the dutiable land value exceeds $3 million, you are liable for premium property duty.
- If an apartment is more your thing, there are some suburbs believed to be in 'over supply of apartments' which could cause prices to fall in the future.
