Sydney’s property market shows no signs of running out of steam as a two-bedroom apartment in Manly was sold for a whopping amount.
A two-bedroom apartment in Manly has sold for almost twice the average price for the area, painting a dire picture for prospective first-home buyers.
A buyer snapped up the property in Manly for $2.972 million this weekend, almost doubling the median price for a two-bedroom apartment in the area of $1.6 million.
The Trident building on North Steyne in Manly is a two-bedroom, one-bathroom unit with a car space and boasts some fantastic beach views and a prime location.
“From a soaring sub-penthouse vantage point on Manly’s coveted beachfront strip, this impressive apartment is immersed in a simply breathtaking 270-degree panorama that sweeps from the ocean’s horizon and the harbor to the city skyline and sunsets over the northwestern ridges,” the listing reads. “Placed on the penultimate floor, lift access, 147 sqm on the title. Seven-minute stroll to Manly Wharf, 20-30 minutes to the city.”
Property prices have risen as high as $1.2 million in a year for suburbs across Australia as the housing market continues to skyrocket against the backdrop of the Covid-19 pandemic.
Realestate.com.au research showed more than 250 suburbs saw their house prices rise by around $200,000 between May 2020 and May this year, while 24 suburbs saw their prices soar to $50,000 and beyond each month – most of those in NSW.
New research from Finder, released last week, found that property prices in Sydney and Melbourne will have property prices rise by eight and nine percent, pushing the dream for first home buyers further out of reach. That’s a jump of $76,619 in Sydney to make the average price a whopping $1,070,917 by July 2022.