There was an indication on Saturday of what Sydney property prices will look like in 25 years with even the cheapest suburbs soaring well into the millions.
The predictions come amid a cooling market – although you wouldn’t have known it at some of the auctions on the weekend as bids shot far beyond the reserve.
A three-bedroom, one-bathroom terrace in Double Bay has not been touched in more than 50 years, but on Saturday it fetched a whopping $1.4 million above the reserve – selling for just under $4.5 million.
Martin Maskin from Raine and Horne Double Bay said: “What an incredible result – even in the rain. Who says the market’s bad?”
Further east and still no sign of a cooling housing market. A five-bedroom, four-bathroom Bellevue Hill home is selling for $7 million dollars.
Michael Pallier from Sotheby’s International Realty said: “There’s people moving here from overseas and interstate constantly and that’s keeping the prices up.”
A new report has found homes in the suburb of Bellevue Hill are set to become the most expensive in Sydney in the next 25 years.
In 2043 the predicted median price for Bellevue Hill will be close to $35 million.
In 25 years time the cheapest suburb is predicted to be Willmot in Sydney’s west, with a median price of $3 million.
By 2043 Sydney’s median house price could rise from just over $1 million to more than $6.3 million.
“In 25 years we’ve seen five different property cycles but what this study shows is that over the long term property has been a really robust investment,” Richard Burns from Aussie Home Loans said.