The price buyers are willing to pay for units with views, little maintenance and proximity to amenities.
There were five suburbs where unit medians surpassed Sydney’s median house price.They’re the Sydney suburbs where an apartment costs more than the typical Sydney house – but property-buyers wouldn’t have it any other way.
Five Sydney suburbs now have a median apartment price that’s higher than Sydney’s overall median house price. Barangaroo tops the list with suburb’s median unit price of $5,225,000 more than three times more expensive than the city’s median house price of $1.63 million. “They don’t want to live in a house; they want to travel and live close to amenity and have an easier lifestyle. The problem is, there aren’t enough good apartments around so they’re then willing to pay a premium when they find one in a good location.”Domain chief of research and economics Dr Nicola Powell agreed. She believes downsizers are willing to pay more for premium apartments in excellent locations with great facilities.
“Downsizers are coming from big homes and want to move into apartments that are low maintenance and close to everything,” Morris said. “They’re also often looking for iconic views.”
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