With the Sydney CBD already struggling with a housing crisis, you might expect the same to happen in other major Australian cities.
However, this is a different story for some of the biggest houses in the country.
The most expensive property in Sydney is the $3.6 million house that has been the target of much criticism.
But this home in Sydney’s CBD was bought for $4.7 million by a private investor in 2013, meaning it is worth $4 million more than the previous record-breaking house.
But the house is only worth about $600,000 and is only available to rent.
The house was built in the early 1990s and is owned by the late John Ellis, a real estate agent who was also the owner of the former Queen Elizabeth Hotel and the now-defunct B&B Surfers Paradise Hotel.
Ellis was known for his extravagant house tours, and in 2014 he took his yacht, the Diamond, out to the Sydney Harbour and set it on fire in front of Sydney’s famous iconic Bondi Bridge.
Elliss, who died in 2011, said the home was a “must-visit” for anyone who wanted to “live in a big house”.
“It’s a nice home, it’s a great property and I’d like to see it sold,” he said.
“It has been a pleasure to visit the house.
But, as an agent I just want to see the house.”
What you need to know about Australia’s housing crisisIn Australia, houses can be bought with an annual rent of $600 to $1,000, which is $400 to $500 more than in other parts of the world.
However, the average house price in Sydney has gone up by more than 70 per cent in the last decade.
In 2018, the median house price was $1.75 million, up from $1 million in 2017.
That means the median price of the average Sydney house is now $1m more than it was in the mid-1990s.
In Sydney, there are over a million houses on the market and many are on the lower end of the market.
The average house in the CBD has been worth around $3 million, but prices in the inner city are up more than 300 per cent over the last five years.
While some people might consider the price of a house to be a “nice” price, it isn’t always that simple.
“You need to understand that the average price of your house is going to be determined by your income,” said Mr Robinson.
“The median income in Sydney [is] around $71,000.
You’re going to need a bit more money to live in that house.”
Topics:housing,housing-industry,business-economics-and-finance,finance-and -financial-services,real-estate,sydney-2000,sydney-airport-2020,brisbane-4000,perth-6000,sunday-morning-harbour,nsw,australiaFirst posted February 07, 2019 14:36:20Contact Gina PaineMore stories from South Australia