What you can buy in LA compared to Sydney

FANCY a mansion in the Hollywood Hills with views and a pool? You could afford it for the same price as a fairly average home in Sydney.

ONCE upon a time a million dollars was a lot of money.

Today, it will barely buy you a front door, especially if you’re after a family home in Sydney or Melbourne, where heritage listed one-bathroom houses in high demand suburbs are fetching multi-million dollar price tags.

But if you’re after luxury — tennis courts, private pools, scenic views — look no further than the Hollywood Hills, where a few million, unlike Sydney, goes a very long way.

Famed agents from hit reality TV show Million Dollar Listing say that for the same price that Aussies are spending on small, rundown properties in the middle of suburbia, they could be buying sprawling mansions in LA, with pools, spas and the rich and famous as neighbours.

The Agency has many LA listings priced under $2 million.

“That will absolutely buy you views, pool and modern amenities, but there is a premium for the location,” Daniel Stevenson from The Agency told news.com.au.

“High net worth clientele and more direct flights from overseas means that LA continues to be a destination for global influencers.”

One example is 2210 Ridgemont Drive — a three-bed, three-bath home built on a 655sqm lot — offered at $2.2 million when converted to Australian dollars.

Fancy a home in the Hollywood Hills? This place on Ridgemont Dr is selling for $2.2 million.

Fully renovated, the modern Hollywood Hills home features views of the Hollywood sign, a brand new kitchen, marble benchtops and stainless steel appliances, as well as an over-size master suite, spa and two-car garage.

Then there’s 2145 Groveland Dr, with four bedrooms and four bathrooms spread over three levels and a sizeable 457sqm lot for $2.29 million.

The sizeable main bedroom at the Groveland Drive house, for sale for $2.29 million Australian dollars.

Or 3001 N Beachwood Dr — four bedroom, four bathrooms and described as “the best keep secret in the Hollywood Hills” — with a price tag of $2 million.

Now that’s a big house for $2 million Australian dollars.

Or for a bit more — $2.5 million — you could snag 39295 Calle De Companero — a five bedroom, eight bathroom mansion on 5.3 beautifully manicured acres in an exclusive gated community. There’s a custom Infinity pool with a 6ft waterfall perched over the full size tennis court. With one of the largest horse riding arenas and facilities to accommodate more than four horses, there’s even a private theatre and a bar complete with beer on tap.

The insanely huge Calle De Companero house.

The pool’s not bad either.

And all of that can be yours for half of what buyers are currently forking out to live in Sydney.

On the North Shore, properties are selling for hundreds of thousands of dollars over reserve every weekend, with a stock shortage pushing prices up for potential buyers desperate to invest.

An old unrenovated property at 47 Stanley St, Chatswood recently for a whopping $4.995 million. Just a few streets over at 37 Laurel St, off market buyers paid $5.5 million for a home on a busy road with no views.

47 Stanley St, Chatswood just sold for nearly $5 million.

“Then there was 11 Laurel St, an old deceased estate sold a month ago for $2.7 million and 48 Ann St went for $500,000 over reserve,” said local Ray White Willoughby agent Rebecca Mikellides.

11 Laurel St, Willoughby sold for $2.7 million in June 2016. It was completely unrenovated.

“Basically you can buy better in Mosman with a view. But people like Willoughby because there is guaranteed capital growth, exceptional rental return, proximity to amenities, and good transport to the city.

“Supply and demand is a big one, we have more buyers than sellers and hardly any stock so people are paying top dollar to secure a property.”

Property prices in Sydney rose 50 per cent faster than Australia’s capital city average during 2016, and according to the recent Demographia International Housing Affordability Survey, Sydney is in the “severely unaffordable” bracket for middle income earners and the second most expensive in the world behind Hong Kong.

The numbers mean that a house in Sydney will cost a middle income earner about 12.2 times their annual salary. By comparison, New York has a median multiple of 5.7, with LA coming in at 9.3.

Originally published as What you can buy in LA compared to Sydney