Real Estate in Sydney
Last updated on Jul 06, 2024
Summary: The average cost of a nice 2 bedroom home in Sydney, Australia is around $1,000,000 AUD (approximately $735,000 USD). A nice 3 bedroom home in Sydney is around $1,500,000 AUD (approximately $1,100,000 USD). These properties typically include modern amenities such as air conditioning, stainless steel appliances, and updated bathrooms and kitchens. Many of these homes also have outdoor areas such as balconies, decks, and gardens. Foreigners are allowed to purchase property in Sydney, however there are restrictions on the type of property that can be purchased. For example, foreign investors are not allowed to purchase existing residential dwellings. An expat looking to purchase a home in Sydney should start by researching the different neighborhoods and suburbs in the city. They should also consider their budget and lifestyle when selecting a property. Additionally, they should consult with a real estate agent to help them find the right property. The most desirable neighborhoods in Sydney include Bondi Beach, Manly Beach, and the Inner West. These areas are known for their vibrant culture, beautiful beaches, and close proximity to the city.
How do I find a place to live in Sydney?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"If you are looking for a place to live in Sydney, there are a variety of options available. One way to start your search is to check online rental listing websites such as Domain, Real Estate, and Rent.com. They make it easy to narrow your search by desirable areas, price range, and other desired amenities. Additionally, you can contact real estate agents in the area who have extensive knowledge about the different suburbs of Sydney and can offer a range of properties to suit your needs. Word of mouth is a great way to go as well; reach out to friends and colleagues in the area to see if they know of any available rentals. Ultimately, it's all about finding a place that meets your needs while also preventing yourself from getting overwhelmed by the competitive market," said one expat in Sydney, Australia.
"Neighborhood by walking around in it. Looked through the Sydney Morning Herald website for homes; talked to real estate agents," remarked one member in Sydney.
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What is a typical expat home or apartment like in Sydney?
"We live in a house and it's typical for most expats. Most live in close-in suburbs on the lower North Shore," remarked one member in Sydney.
"Expat homes and apartments in Sydney are typically bright, comfortable, and modern. Many have balconies or terraces that offer great views of the city, harbor, and nearby beaches. While there are older buildings as well, most of the residences have been recently updated with modern amenities, such as air conditioning, high-speed internet, and repainted walls. There is an abundance of furnished and unfurnished short-term rental options to choose from, allowing expats to find a place that perfectly suits their needs," explained one expat living in Sydney, Australia, Australia.
Expats interested in International Health Insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA.
Expats interested in International Health Insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA.
What is the average cost of housing in Sydney?
If you are thinking about moving to Sydney, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Housing is more expensive here. They vary a lot but in this area you would pay A$1400-A$1600 for a clean family home. O/w most would be rather shabby," explained one expat living in Sydney, Australia.
"The cost of housing in Sydney varies depending on the area, but generally speaking it tends to be quite expensive. Prices range drastically depending on the location, size, and type of housing, ranging from reasonably affordable apartments to luxurious high-end homes. In general, the monthly cost of renting or buying in Sydney is considerably higher than other cities in Australia," said one person in Sydney, Australia.
Should I buy or rent a home in Sydney?
If you have not spent a lot of time in Sydney, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Whether to buy or rent a home in Sydney is a very important decision that requires a great deal of consideration. There are a number of factors that should be taken into account, such as financial capability, the local housing market, proximity to essential services, and desired term of stay. If you have sufficient financial resources and are unsure about the length of stay or you do not plan to stay for a long time, then renting a home would be the most suitable option. However, if you have a clear plan and intend to stay in Sydney in the long run and can afford to commit to a home purchase, then buying a property could be a more lucrative decision. Ultimately, it is important to weigh up all the pros and cons of renting and buying and choose the option that best suits your individual situation," explained one person living in Sydney, Australia, Australia.
What do I need to know when buying property in Sydney?
When we asked expats what advice they would give a foreigner before buying a property in Sydney, they said:
"When buying property in Sydney, it is important to research the local area and the property itself. Consider the location, amenities, transport links, and any potential risks associated with the area. It is also important to understand the legal process of buying property in Australia, including the different types of contracts and the associated fees. It is also important to obtain a building and pest inspection report to ensure the property is in good condition. Finally, it is important to obtain professional advice from a qualified solicitor or conveyancer to ensure the process is completed correctly," remarked one foreigner who made the move to Sydney.
Are foreigners allowed to own property in Sydney?
When we asked expats what advice they would give a foreigner before buying a property in Sydney, they said...
"Yes, foreigners are allowed to own property in Sydney. However, there are certain restrictions and regulations in place. Non-residents and temporary visa holders need to obtain approval from the Foreign Investment Review Board (FIRB) before purchasing a property. Foreigners are generally allowed to buy new properties or vacant land for development, but purchasing existing residential properties is often restricted. Additionally, there may be taxes and fees associated with foreign property ownership, such as the foreign buyer surcharge. It is essential for foreigners to consult with legal and financial professionals to ensure compliance with all regulations when purchasing property in Sydney," said one person in Sydney.
What appliances are typically included in a rental?
We asked foreigners in Sydney what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Sydney typically include a refrigerator, stove, oven, dishwasher, washing machine, and dryer. Some properties may also include air conditioning, a microwave, and other small appliances," remarked one foreigner who made the move to Sydney.
Additional Information about Searching for a Home in Sydney:
We asked foreigners in Sydney what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats searching for homes in Sydney, often begin by researching the various neighborhoods and suburbs to determine which areas best suit their lifestyle and budget. They may consult online resources, such as real estate websites, forums, and social media groups, to gather information and seek advice from fellow expats. Once they have identified their preferred locations, expats typically browse online property listings on popular real estate websites, such as Domain, realestate.com.au, and Rent.com.au. These websites allow users to filter search results based on criteria such as price range, property type, and the number of bedrooms and bathrooms. In addition to online resources, expats may also seek the assistance of local real estate agents who have experience working with international clients. These agents can provide valuable insights into the local property market, help with the negotiation process, and guide expats through the necessary paperwork and legal requirements. Expats may also attend open house inspections to view properties in person and get a feel for the neighborhood. Networking with other expats and locals can also be helpful in finding potential rental properties or learning about upcoming vacancies. Finally, expats should familiarize themselves with the rental process in Sydney, including understanding the rights and responsibilities of both tenants and landlords, as well as the standard lease terms and conditions. This will help ensure a smooth transition into their new home in Sydney, Australia," explained one expat in Sydney.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
Other Questions:
- What do I need to know before moving to Sydney?
- What is a typical expat home or apartment like in Sydney?
- What is the average cost of housing in Sydney?
- How do I meet people in Sydney?
- What do I need to know before retiring in Sydney?
- What should I pack when moving to Sydney?
- Where should I setup a bank account in Sydney?
- Will I be able to find a job in Sydney?
- What is life like as an expat in your area?
- What do people like (and dislike) about Sydney?
- What type of social life can someone expect in Sydney?
- What is the social scene like in Sydney?
- What advice to expats in Sydney have about housing?
- What are medical services in Sydney like?
- Are healthcare and health insurance expensive in Sydney?
- Is the cost of living in Sydney high?
- What are the visa & residency requirements in Sydney?
- Why do people move to Sydney?