Sydney property prices are not as expensive as they seem, according to an American real estate expert.
Ryan Serhant, star of reality TV show Million Dollar Listings, who is currently visiting the Harbour city believes some of our prime real estate is ‘cheap’.
Commenting on a $25million townhouse in Point Piper, just down the road from Prime Minister Malcolm Turnbull’s pad, Mr Serhant said ‘that sounds cheap’.
Ryan Serhant, star of reality TV show Million Dollar Listings, believes some of Sydney’s prime real estate is ‘cheap’
‘Well certainly a lot cheaper than the house that sold for more than $70million — and that needed work, right,’ he told The Weekly Times.
That $70million house, also in Point Piper, broke records when it was sold to Australian billionaire Scott Farqhaur in April this year.
Boasting a vast 6986-square-metre estate, the Seven Shillings Beach home set a new national price record.
Boasting a vast 6986-square-metre estate, this Seven Shillings Beach home set a new national price record, selling for AU$70 million
Mr Serhant is no stranger to selling extravagant houses – one of his highest sales was an AU$45million townhouse in Central Park Avenue last year – and said he liked the look of the inner-Sydney suburb of Redfern.
Touring one of the suburb’s best streets, Great Buckingham Street, the TV star said the cool $2.2million asking price of a three-bedroom terrace was ‘incredible’.
‘What, the whole house for $2.2million — really? The whole thing? That’s incredible — in New York’s West Village, it would be $10million,’ he said.
His expertise in lavish properties has led Mr Serhant to Sydney to promote a new $400million western Sydney apartment development.
The $70million house in Point Piper was sold to Australian billionaire Scott Farqhaur in April this year
The Highline Westmead apartments feature properties designed by the award-winning Turner Architects, with prices starting at $495,000.
While Mr Serhant understands the price of living in a luxury apartment is out of reach for many young people, the Highline developers, Deicorp, are pitching the apartments at first home buyers.
Thirty five per cent of the new apartments are set to be priced under $650,000.
As of July this year, it is now more expensive to buy a house in Sydney than it is in London, as the costs of purchasing an average home exceeded $1million.
The cost of buying a home in Sydney surged in the last 12 months, pushing the median house price to an astounding $1,000,616.
With an increase of 22.9 per cent over last 12 months, Sydney has doubled the national median house price growth of 11.7 per cent.
And while Sydney’s median house price is now higher than average house prices in London, the city is fast approaching the price of Mr Serhant’s city of New York.