What is Sydney famous for?
The Harbour Bridge. Vivid. Bondi ... (Well) above average property prices.
The aftermath of the Royal Commission has seen a slither of silver lining, with a market transition and increase in housing affordability anticipated. In the short term, though, the downward pressure on housing remains a hurdle in the face of an upcoming election and delayed action by the banks.
In light of all this, we wondered just how well Sydney still stacked up against the rest of the world. Still pretty well, it turns out.
Very well, in fact. Sydney's median house price is $1,144,217.
So before you make the biggest transaction of your life, consider the options below (or at the very least, as is my favourite pastime — enjoy the pleasure of asking yourself 'what if?').
Famous for its beautiful beaches, rich culture, bargain shopping and vibrant nightlife, Bali is one of Australia's favourite holiday destinations. Canggu is an up-and-coming resort area, described by the Bali Bible as 'a hub of colourful beachfront bars, surf ready waves, whole-food cafes, hipsters and beach babes.'
The best part — your Sydney home can buy A LOT here.
Price: IDR 11,500,000,000 (AKA $1,103,670 — just under our budget!)
3 bedrooms with ensuites and this beauty of a pool await.
Talk about open plan living!
Price: IDR 11,000,000,000 ($1,055,824)
A long, extravagant pool is always essential.
Amazing right? Unfortunately, there are a couple of issues to consider.
Bali presents a complex legal situation regarding property ownership — only Indonesian nationals can own freehold land in Indonesia. One workaround is to have a contract with a nominated national who is the titleholder; but there are risks that come with that.
You should also consider the potential financial risk. Assuming you want to protect your capital, the downward slide of the rupiah against the AU dollar presents a less-than-ideal hurdle. A popular alternative is a long-term lease. Despite tax/fees, this avenue is certainly more affordable. Check out some of these options below.
Price: IDR 3.692.017.000 / 25 Years ($356,794)
Leaseholds, particularly those in development–offer an interesting investment proposition... Particularly if you choose to rent the villas as holiday resorts.
Price: IDR 6.860.756.000 / 25 Years ($663,490)
This screenshot was taken straight from my dream.
You may be surprised to learn that some islands are surprisingly affordable. In fact, the list below are all priced below the median Sydney house price!
If solitary paradise is your calling — then you might be on the money with one of the following:
Price: USD $249,000.00 ($349,722)
Grab Wilson and enjoy the life of a castaway.
Price: USD $261,761 ($367,646)
White sand beaches. Crystal clear waters. What else do you need?
Price: USD $373,010 ($523,896)
"Totally devoid of any human presence, it is a perfect environment for relaxation."
Price: USD 749,000 ($1,051,977)
Perhaps this island with cabin and bath house is more your style.
If a Balinese villa or island isn't to your taste, perhaps a chateau is more to your liking. Whilst you may be sacrificing the beach-side luxury atmosphere, you'll certainly be compensating with size, grandiosity and tranquility. Check out these two beauties.
This historic chateau once belonged to Porthos, one of Louis XIII's musketeers.
For many, this type of view is much more desirable.
Vente Tres Beau Chalet Avec Vue Sur Le Leman - Rhone Alpes, France
Rustic yet modern, grand yet modest.
Sun-drenched & quaint, this home offers an unrivalled atmosphere.
So there you have it. Whilst buying locally will keep you close to home (and may prove more possible & worthwhile in the aftermath of the Royal Commission), you mustn't forget just what kind of life you can live across the globe with that same cash. The decision is yours — whether that means making a radical lifestyle-change, or if you're anything like me, enjoying playing 'what-if' with a little mid-work daydreaming.
If you're looking to sell your home quickly, check out Sellable. Sellable lets you sell your home stress-free and on your timeline. We offer a guaranteed price for your house and upfront payment; so you can choose when to move and get paid the second you drop your keys. Whether you're flying straight to Bali, or upsizing/downsizing locally, make sure your first step is to get an offer from Sellable.