Houses under $2 million continue to outperform in the Eastern Suburbs.

A recent news article by domain.com.au reports that with the continued property boom in Sydney and the Eastern suburbs in 2014 and in recent months, properties below the $2 million dollar mark continue to be highly sought, whilst those above this level have slowed down in terms of incremental increases.

Domain Group senior economist Dr Andrew Wilson says 2014 was a mixed year for property markets in the city and the eastern areas.

“Volumes were certainly up, there were a lot more trophy homes sold but price rises were nowhere near the middle and budget-priced suburbs,” Dr Wilson says.

Real estate comparison median prices for the city and east

Bondi – Bondi ranks number 39 with a median house price of 1,888,000 for 2014, up from $1,633,000 in 2013.
Darlinghurst – 2013 house prices came with a median of $1,175,000 with a boost to $1,400,000 in 2014.
Darling Point – Darling Point has a current median price of $5,220,000, which is down by -10.4 per cent from 2013 where the median price was $5,823,000.
Waverly – median house prices are at $1,700,000 in 2014 over the median of 2013 which was $1,305.000.

5 tips for finding your ideal property in the Eastern Suburbs and Sydney CBD

Research – Decide where you want to live and what you need to live close to (i.e. schools, work, shopping) and start your research there. If you find nothing interesting start expanding your search within the Eastern Suburbs and Sydney CBD until you locate your perfect property.
Be choosy – What can you live with and without? If you have children, a larger family home is ideal, but what about the neighbourhood, schools, shopping, and other factors of an area?
Find a real estate agent that knows the local area – This is key in not only helping you sell your existing home at the best possible price but also helping you find a property that meets your lifestyle and budget requirements.
Speak to a mortgage broker early on in the process –This is really important and before you even start looking for a property. A good mortgage broker in Sydney’s Eastern suburbs will help you understand how much money you can borrow meaning you can then confine your property research on those within that budget range.
Independent pest/building inspection reports – When you could be spending $1 million plus on a property in Sydney’s CBD and Eastern Suburbs, spending an extra $400-$600 on a pest and building inspection report could be money well spent in understanding if there are any major or costly building issues with the property you are thinking of purchasing. You may even decide to not but a property based on the findings of this report.

Are you ready to get started with buying or selling your home?

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