Sydney

Sydney market fuelled by ‘greed and arrogance’, buy in Melbourne instead

PHOTO: A Sydney-based property Adviser is suggesting his clients look at Melbourne instead. Source: Supplied

A Sydney-based real estate adviser has slammed the Harbour City’s “substandard developers” for their “greed and arrogance” and is suggesting his buyers look to Melbourne.

Wealthi property adviser Sam Assaad said the NSW capital had been spoiled by the nation’s highest prices and large numbers of international buyers who didn’t know to look for better quality homes.

“It’s a market fuelled with greed and arrogance of big name developers, producing not even builder-range quality properties and selling it in the market knowing the housing demand in Sydney is still highly sought after,” Mr Assaad said.

By comparison, Melbourne’s more affordable prices and larger variety of successful developers had kept new home quality high in suburban areas.

“There’s always ego with developers, and I’m putting Melbourne on a bit of a pedestal, but Melbourne developers are willing to give a little bit more than they are in Sydney,” Mr Assaad said.

“They (Melbourne developers) need to maintain their reputation.”

<a href="https://www.realestate.com.au/sold/property-townhouse-nsw-lane+cove-134735246" title="www.realestate.com.au">1/63 Finlayson Street, Lane Cove,</a> in NSW sold for $1.3m late last year and gives an example of a higher quality build that’s easier to find in Melbourne.

1/63 Finlayson Street, Lane Cove, in NSW sold for $1.3m late last year and gives an example of a higher quality build that’s easier to find in Melbourne. Source:Supplied

As a result most Melbourne developments included timber floors, extra cabinetry and floor-to-ceiling tiles as standard these days, he said. In Sydney, the majority of projects would list these as upgrade options.

Given these features tended to make homes lower maintenance and more attractive to tenants it made sense for investors to prioritise them, he added.

“In terms of providing a quality, rentable standard home, it really makes a difference,” Mr Assaad said.

“And a lot of our clients do agree that it makes sense to them.

“Though they might be more bummed out finding they can’t afford something unless they go 40-50km out (here).”

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