ABCDiamond

Todays newspapers are full with the latest report that Sydney house prices are worse than London. (At todays FX rates)

So how do they really compare...

Take houses 6km from the city centres.

Stanmore, Sydney (5.8km to CBD)
$679,000 (about 9.7 times the average Male Full time wage of $70,038)



Camberwell, London (6.16km to CBD)
£269,950 (about 9.8 times the average Male Full time wage of £27,552)


But, how about 45kms from the City Centres, still in the relevant city price areas ?

spottydog

It shows the different exchange rates can make, the average male Londoner now earns only 70% of what the average male Sydneysider does.

steve_kelly_and_boys

dont know stanmore

but was born and raised in camberwell and apart from a few very select streets its not the sort of place you would like to live

the very select streets you wouldnt be able to get much for under £600k

out of curiosity where is that camberwell house

ozzieeagle

ABCD you've got the national average wage instead of the London Average wage.... The London Average wage for a full time adult male is around 40,000 pounds plus..... just rechecked and its 39,000 pounds.

ozzieeagle

I've not seen figures for Sydney male workers, are you basing this on the average national wage. ?

Heres the London average for 2010....

http://uk.answers.yahoo.com/question...9060934AAIEwUR

gelato

Stanmore is very nice. Not posh but a nice middle class yuppie-ish neighbourhood. I used to live there.

ABCDiamond

I also used the national wage for Australia, after all, most other news reports also use national wages.

If we used London wages, then we would also need to use Sydney wages.

Finding purely Sydney wages isn't easy, but I did just see a figure of $70k quoted in 2006. If that is correct, and went up at the same rate as national rates, then 2010 would be: $81,000
If we used both those wages then the results would be:
$679,000 or 8.4x Sydney average $81,000
£269,950 or 8.0x London average £33,900

Last minute addition:
www.livesalary.com.au quotes Sydney as $81,750 median wage, based on a sample of 13,849 wage earners.

ABCDiamond

That quotes: This gives the London property a multiple of 9.48 times the London salary.

steve_kelly_and_boys

well camberwell has been quoted as being up and coming for the last 20 years

some would call it edgy

i would call it an absolute shit hole

does anyone know where this house is as i wouldnt be surprised if it is on a council estate at that price

if that is the case you cant really compare

IndieG

THE average Darwin house is more expensive than its equivalents in London and New York, a comparison of real estate in cities around the world has found.


http://www.news.com.au/money/propert...-1225873138800

freebo

Both Sydney and London are property bubbles waiting to burst, although I'm not sure the comparisons above are representative. London will prob bust first, Sydney will prod burst further, purely for where each country is in the economic cycle. Only the USA has properly burst so far, and most areas there have not started to recover yet.

pomtastic

What a joke, Darwin more exxie than London and New York! Honestly, if you think you are getting value by buying in Darwin, then go ahead, you need your head tested.

Sydney is a nice city BUT it's a 2nd rate city compared to London, New York, Tokyo. It just goes to show how out of whack prices have become.

I bet Perth is high up on that list. As I've said before, you'll need a big swag of cash to afford Australia otherwise you'll be living in a bogan heaven or out in woop woop.

spottydog

Having worked/lived in London & Sydney I certainly wouldn't say Sydney is second rate to London, in fact I would suggest it is the other way.

It doesn't surprise me that Sydney house prices are worse than London., Victorian Sydneysiders were to busy building a city to consider putting on a wonderful metro system like the tube (costs and environmental factors wouldn't allow something like to the tube to be built from scratch these days), you can't live 30 - 40kms out of Sydney and get to work in around half an hour like you can in London, hence a premium on the price of land in Sydney Metropolitan compared to London Metropolitan areas.

Geelong Gent

and works about 50% of

ABCDiamond

They are representative of the prices being quoted as the average price for each city, in the reports in todays papers.

Obviously there will be other suburbs/towns with similar prices, and maybe different types of property, but these were the first two I came across that were at the right prices, and at a similar distance from the city centres.

Darwin prices may be affected by the supply side. I just looked on realestate.com.au and very few properties for sale in Darwin.

This one shows what $515k gets you, in Darwin area.