This article is featured within the current Perth Living Magazine and written by Craig Rowe, Residential Sales
We can’t get through the day without hearing property market data, most of it accompanied by intelligent sounding economic commentary. We are educated on the macro and micro factors at work and shown the miraculous correlations between economic trends and market performance. But as I get older, I find myself asking the question…Is it really that complicated?
I’ve recently returned from NSW and while I was well aware of the buoyancy in the Sydney property market compared to the soft conditions in Perth, I was astonished by just how dramatic the difference is. The trouble with much of the economic commentary comparing Perth and Sydney is that analysts, masquerading as property oracles, are comparing apples and oranges.
Let’s call the apple a brand new 75sqm, two-bedroom, two-bathroom apartment with a one-car bay in the heart of the CBD. This will set you back a very cool $2 million in Sydney…ouch!
In Perth, buyers can snap up the very same dwelling for the budget conscious sum of just $750,000. For the uber smart economists out there, that’s a mere 167 per cent difference in price.
It would want to be a pretty tasty apple!
Now I know what you’re thinking…Sydney is a global city with a much larger market and stronger economy and yes, you would be correct. But as they say, it’s all relative.
So let me now crank up my property IQ to expert level and look at the facts that the data demons tell us dictate market performance…
Like this story? Read the full article within our Perth Living magazine, available as a hard copy from our sales offices or download a complimentary soft copy here.