Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 25 January 2014

Sunday Times: Pricey property locations and their cheaper alternatives

A recent piece from the UK's Sunday Times, this article which looks at some of the world's priciest property locations and where you might have to try instead if you can't afford them.

Here are some of the world's super-expensive real estate markets they mention and where you should consider trying as a next-best bet):

"Can’t afford the heady prices in Verbier? Slope off to Nendaz

If the price of Megève is too steep, go round the mountain to St Gervais

Priced out of Portofino? Wander on up to Camogli 

Forget Provence — look west to Gascony

Turn away from South Beach and move to downtown Miami 

Say au revoir to Paris’s Latin Quarter and hunker down in the 17th, 10th or 11th arrondissements

Leave Barcelona and head to the Maresme coast

If Naples is too hot, cool down in Sarasota 

Muscled out of Manhattan? Head to Queens"

And here's the full Sunday Times section on Australia:

"If you can’t stretch to Bondi Beach, move along to Sydney’s Inner West


"Ask anyone who has holidayed in, or moved to, Sydney lately, and they won’t mention the weather or the beaches first; they’ll tell you about property values and the stratospheric cost of living. This year alone, Sydney house prices have risen by 13%, according to RP Data, propelled by a mining investment boom and Asian buyers. Bondi Beach, a prized enclave near the financial centre, is for the super-rich only, with detached homes starting at Aus$2m (£1.16m).

So those who are at home in pin-stripes during the week and flip-flops at the weekend are setting up their barbies in Inner West suburbs such as Erskineville, Newtown and St Peters. Still close to the centre, and with plenty of bars and restaurants, they are popular with younger buyers. Pete Wargent, Director of AllenWargent, a buying advisory agency in the city, says entry-level terraces in these areas start at Aus$700,000, but that doesn’t mean it’s easy to buy into the next hotspot: properties are often sold at auction, adding to the tension among competing buyers."


In fact, the tension among competing buyers is even more so the case since I made the comment late last year, with prices in the inner west having really taken off. 

I note, however, that the Sunday Times is incorrect in its assertion that Sydneysiders wear flip-flops at the weekend. They wear thongs, lol.