The Australian housing market is a mess.
The country’s median home price is $1.8 million, and the median sale price is just over $1 million.
The national average house price is around $3.6 million.
But if you live in the Sydney CBD, you can count yourself lucky.
There’s an apartment in the CBD that sits on just 1,200 square metres of land, and a luxury condominium in the outer city that sits in the same area.
I’d like to live in that.
“You get to see everything that Sydney has to offer,” says Andrew Brown, a property agent who runs the apartment and condo rental agency Apartment and Condo.
“And there’s nothing in the city that I don’t think will appeal to you.”
The property industry has a reputation for being a “toxic environment”, says Mr Brown.
If you have a good job, you’re in a good place, he says.
But when you’re not working, you are.
In the past year, more than half of the Australian population has been out of work.
What is a job?
“In my mind, a job is when you get paid to work,” Mr Brown says.
And if you’re a single parent, you probably have an annual income that averages $15,000.
So, where does the money come from?
The key is to find the right balance between working and not working.
That’s why the apartment rental market is in a state of flux.
The NSW government recently announced a series of measures to rein in property speculation, and it will likely be months before the market returns to normal.
Mr Brown says if you’ve got a budget that is $10,000 to $15000 over your budget, you’ll be lucky if you can find a spot in a rental.
He advises those looking to live a life outside the city to look into the suburbs.
The average price of a property in the suburbs is $2.9 million, with most in Sydney’s outer west fetching $5 million.
In the city, the median price is between $4.5 million and $6 million, but the median income is around the $30,000 mark.
At this price, you could be paying $150 a week to rent an apartment, or $400 to rent a two-bedroom apartment, he explains.
To make matters worse, if you are in the rental market for a while, you may need to move out.
As a result, there are some very smart property agents in Sydney who are already putting together their own apartment deals.
Some of these are quite pricey, but they’re going to get you where you want to be.
“They’re going for the absolute minimum and you’re going out of your way to get the best value,” Mr Smith says.
The only thing that will really make you happy is to be able to move in.
This is why Mr Brown recommends staying in Sydney for as long as possible, and moving to a cheaper property in a more desirable part of town.
For more information, check out the following: Apartment and condominium rental agency and estate agent Apartment-based real estate site Rentology.com.au