PHOTO: Anyone interested in property on Sydney’s Northern Beaches knows how expensive and elusive it is in 2021, so the 1972 prices are enough to make any of us wish for the good old days
- Ads from 1972 copy of The Realtor show incredibly low Sydney property prices
- A Newtown terrace is listed for $10,000 – compared to $1.735million in 2021
- Other listings, and inflation, illustrate the crazy growth in property values
- Adjusting for inflation, $10,000 in 1972 is only worth $105,500 in 2021
A vintage copy of a Sydney real estate guide from 50 years ago shows staggering prices that would make any property investor long for a time machine.
One listing from the 1972 edition of The Realtor posted to Reddit is a three-bedroom Newtown terrace for $10,000 in ‘fair condition’ that ‘needs a coat of paint’
Another listing advertised a redecorated two-bedroom semi at Leichhardt that would have set you back $16,000.
The median house price in Newtown in 2021 is $1.735 million, while in Leichhardt it is $1.815 million.
Vintage ads from a 1972 Sydney real estate guide are enough to make any modern property investor try and build a time machine – one had a three bedroom Newtown terrace for sale for just $10,000
Inner West suburbs close to the city like Leichhardt and Newtown had smaller workers’ cottages in 1972, while prices rose the further west you went
Money is of course not worth what it was in 1972, but even adjusting for inflation shows the astronomical growth of Sydney property values.
According to the Reserve Bank of Australia‘s inflation calculator, $10,000 in 1972 is the equivalent of $105,545 in 2020, while $16,000 is just $168,872.
Most of the listings in the 1972 guide for now-popular inner west locations like Newtown, Leichhardt, and Annandale were well under $20,000, suggesting it was realistic to get a home 15 minutes drive from the city for an incredible bargain.
While those suburbs tended towards worker’s cottages at the time, prices were a bit higher in the inner-west locations with bigger homes – like Strathfield, Croydon, Burwood, and Drummoyne.
You could score a ‘magnificent gentleman’s residence’ at Strathfield for just $46,500 in 1972
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