5 Inner East Sydney Properties Under $1 Million
The tightly held locale boasts is coveted and convenient.
3 min
While apartments and unit prices haven’t kept pace with the ascendance of housing prices, Sydney’s tony inner east, that flanks the CBD, remains prime position for its easy access to the amenities of the city and proximity to the eastern beaches. Here, we’ve collated five stylish pads to call your own under $1 million.
1/196 Forbes Street, Darlinghurst, NSW 2010
A short walk to the CBD and Victoria Street cafes, this 78sqm 2-bedroom, 1-bathroom and 1-car parking apartment boasts a private street entrance with a small courtyard and secure parking with storage space. The residence is fitted with polished timber floors and sees an L shaped living area complemented by a separate kitchen, fitted with Smeg gas appliances and a dishwasher.
$995,000; raywhitetaylorandpartners.com.au
205/65 Cowper Wharf Road, Woolloomooloo, NSW 2011
Set within ‘The Anchorage’, in a world-class harbourside position opposite the famous Finger Wharf comes this generously proportioned 1-bedroom, 1-bathroom, 1-car parking apartment. Designed by award-winning architects, Eeles Trelease, it features a great open plan living/dining area complemented by parquetry flooring. With floor-to-ceiling glass leading onto a large covered balcony, it makes the perfect space for wining and dining courtesy of a sleek kitchen fitted with Miele appliances and stone benchtops.
$990,000; rwebay.com
5/46 Roslyn Gardens, Rushcutters Bay, NSW 2011
Offered here is a quintessential Art Deco character in generous scale within a boutique building ‘Lakemount’. The home is a dream inner-city pad with an oversized one-plus-study floorplan, leafy garden outlooks, ample built-in storage, renovated stone kitchen all within a walks distance to cafes, dining and public transport.
$900,000; bresicwhitney.com.au
805/23 Pelican Street, Surry Hills, NSW 2010
Contemporary and vibrant, this tidy abode features 1-bedroom and 1-bathroom in the enviable ‘Pelican’ security building. Within, the residence features a king-sized bedroom with built-ins, full sized galley kitchen with dishwasher and gas cooking, open-plan living and dining area with sliding glass doors to covered balcony. Further, the home is nearby to the bustling Crown Street, central station, buses and more.
Auction; wwre.com
7/50 Bayswater Road, Rushcutters Bay NSW, 2011
Soaring ceilings paired with oversized rooms typify this apartment found in a refurbished 1890s landmark building with interiors by Daniel Boddam. Here, the home sees period details elevated by the recent refurbishment such as herringbone flooring. custom cabinetry and Carrara marble benchtops all within close proximity to eateries with the city by foot, bus or train.
Auction; raineandhorne.com.au
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
New research suggests spending 40 percent of household income on loan repayments is the new normal
3 min
Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.
Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.
“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.
CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.
Sydney
Sydney’s median house price is $1,414,229 and the median unit price is $839,344.
Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.
Melbourne
Melbourne’s median house price is $935,049 and the median apartment price is $612,906.
Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.
Brisbane
Brisbane’s median house price is $909,988 and the median unit price is $587,793.
Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.
Adelaide
Adelaide’s median house price is $785,971 and the median apartment price is $504,799.
Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.
Perth
Perth’s median house price is $735,276 and the median unit price is $495,360.
Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.
Hobart
Hobart’s median house price is $692,951 and the median apartment price is $522,258.
Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.
Darwin
Darwin’s median house price is $573,498 and the median unit price is $367,716.
Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.
Canberra
Canberra’s median house price is $964,136 and the median apartment price is $585,057.
Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.
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This stylish family home combines a classic palette and finishes with a flexible floorplan
