Aussies shocked at price of Sydney home but agent has a simple message: ‘They don’t know’

“No thanks”. That’s how Aussies reacted to the asking price for a single-storey home in Sydney. But the listing agent did not hold back in response.

“Sydney prices are a joke.”

That’s the sentiment from Australians after a video posted by a buyers agent showed a period home in Sydney’s eastern suburbs with an asking price of almost $7 million.

Shane Feldman from Hastings Buyers Agency based in Kensington posted the video on TikTok and got a huge response

The five-bedroom, three-bathroom Federation-style home on almost 700sq m in one of the city’s most sought-after tree-lined streets needs a bit of work. Even the agent selling the property admits that.

But many could not understand how it might fetch such a hefty price.

“$7m for this? Australia is cooked,” one person wrote on a video shared by a Sydney buyers agent.

“$7 million and the master bedroom doesn’t even have an ensuite?,” another wrote.

“No understanding why anyone would price this house at $7 million,” wrote another.

But the home at 29 Milroy Avenue in Kensington is worth more than that, according to Roger Wardy, the Director at Ray White Touma Taylor.

He should know. He just broke the suburb record with a sale of a similar property — 6 Mooramie Avenue — one week ago that went for $7.5m.

The home at 29 Milroy Avenue, Kensington has divided viewers but the agent says it’s a steal.

The backyard and swimming pool at 29 Milroy Avenue, Kensington, NSW.

Tiled floors in the living room at the Kensington property put some viewers off but the agent says it’s a small cosmetic detail.

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“When you know that area and the growth, you wouldn’t think twice about that price,”Mr Wardy told news.com.au when asked about those questioning the price guide.

In fact, Mr Wardy believes the home is worth more. With a few small tweaks, he believes it could be the first home in the suburb to attract offers in the $8m range.

“I see the value here. That’s why I invest here. This spot here is on the tree-lined, flat section of the most sought-after street in the suburb.

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“It has a huge amount of space, lush gardens, a massive pool, very high ceilings the whole way through.

“Properties like this are rare. It’s not the most renovated, but not the most unrenovated. You don’t need to spend that much to make another million — just a few cosmetic changes and it could get $8m.”

Not bad for a home that sold in 1997 for just $695,000.

Kensington is just south of Moore Park and west of Randwick, 4km south-east of the Sydney CBD and less than 10 minutes from Coogee Beach. It is booming.

In the last four years, the median house price in Kensington has grown from $2.5m in 2020 to more than $4.2m in 2024.

The median house price at Kensington is up 6.3 per cent in the past 12 months.

The block at 29 Milroy Avenue, Kensington is almost 700sq m.

The kitchen inside the Kensington home with an asking price around $7 million.

And Milroy Avenue is “regarded as the best street in the suburb,” Mr Wardy says.

“It’s five minutes from the city, 10 minutes from the best beaches, close to transport to the west and north. It’s really conveniently located.

“It’s like a diamond in the rough.”

The sale of 6 Mooramie Avenue, which broke a suburb record at the start of May, overtook another of Mr Wardy’s sales.

In September last year, he sold 7 Lenthall Street in Kensington, a corner block, for a whopping $7,250,000. The new suburb record at the time was sold after a single inspection.

It bodes well for the upcoming sale at Milroy Avenue. Even if those on social media can’t wrap their head around it just yet.

Originally published as Aussies shocked at price of Sydney home but agent has a simple message: ‘They don’t know’