Time for A Sea Change
Amillion dollars might sound like a lot of money, but in Sydney it will only get you as far as a onebedroom apartment in the city. That’s why property hunters have turned their backs on the harbour-side city, and have started buying up luxury villas on South Pacific islands for the same price.
Instead of spending around $1 million (FJ$2.09m) on a onebedroom apartment in central Sydney or Woolloomooloo, investors are using their money to buy four or five-bedroom beachside houses in Bali, Vanuatu and Fiji.
Darren Pye, who regularly visits Fiji, recently bought a two-bedroom villa with a pool on the island for under $1 million (FJ$2.09m).
‘It’s a lifestyle choice,’ the Sydney-based business development manager told The Daily Telegraph.
‘You’d never get anything like that in Sydney.’
Mr Pye plans to rent the villa out when he is not using it.
In Bali, investors can buy a three-bedroom beachside villa in Canggu for $1.3 million (FJ$2.7m).
The 555 square metre property is a short walk to tourist hotspot Seminyak.
Of course, one downside of moving to Bali is the ongoing eruption of volcano Mount Agung - which may put some investors off buying a home there.
For $1.2 million (FJ$2.5m) buyers can get a three-bedroom home on Viti Levu - the main island of Fiji.
The property features ocean views and a large outdoor pool. And in Vanuatu a villa Designed by Peter Stutchbury, one of Australia’s most awarded architects, is on the market for $1.5 million (FJ$3.1m).
The five-bedroom, 3,000 square meter property is just meters from the beach and features ocean views. Sydney is the most expensive property market in Australia, with a median price of about $904,000 (FJ$ 1,893,879.81). But some apartments in Sydney’s CBD, Potts Point and Woolloomooloo costs even more than $1 million (FJ$2.09m).