Moving abroad- the rite of passage we see so frequently with young Australians. Typically, sights are set on the north- preferably the UK. In fact we’re seeing an uplift- in mid-2007 there were 116,000 Aussies and Kiwis working in the UK, compared with 91,000 in the last quarter of 2014 (source: UK Home Office). Work and travel opportunities aside, how far does the Australian buck stretch when it comes to UK property? Is it really the land of milk and honey or it a case of “we don’t know how good we’ve got it”? In this series, we compare what the average property price in Australia’s biggest cities can get you in the UK.
Sydney is currently the most expensive city in Australia. The median property price sits at $914,056, according to REINSW, with values anticipated to hit $1 million by the end of 2015.
What can you buy in Sydney?
In Sydney, that amount can afford a double brick terrace in Surrey Hills with two bedrooms– including one with a balcony.
This warehouse inspired Sydney home is a quintessential brick terrace ideal for young professionals; located within walking distance to trendy cafes and close local transport.
For more Surrey Hills properties click here.
In pounds, $914,056 gives you £437,120 to spend, which would be enough for a property in…
According to The Move Channel, $914,056 will currently fetch you a small one-bedroom flat in Chelsea: a cool neighbourhood, but a cramped lifestyle. Ouch.
Despite recycled concerns about English property unaffordability, London’s prices currently average at $970,809 AU. It is unsurprisingly the most expensive market in the UK, with prices forcing many into the private rented sector, but in spite of this- it is still cheaper to buy than Sydney.
Also known as the birth place of Coronation street. Away from the expensive property market of London, $914,056 can buy a sizeable five-bedroom home in Littleborough, near Manchester.
In Edinburgh, Scotland, $914,056 AU is enough to afford a quaint townhouse with three double bedrooms close to the city centre.
Scotland’s capital is more expensive than Manchester, with prices rising faster north of the border than in England.
How do you think the Australian property market compares to the UK? Does livability and lifestyle play a part here? Share your opinions below.
About the Author: Dan Johnson is the founder and owner of international property portal, TheMoveChannel.com. Dan has a wealth of experience in the property industry, having started his international property portal in 1999, and having personally invested in a wide range of both UK and Overseas property himself.