Sydney is a connected city, the gateway to Asia, a regional headquarters of blue-chip multinational corporations and Australia’s hub of multiculturalism. It’s no mystery why people gravitate here.
The city is the heart of the country’s economy with mature digital, financial and education sectors. It is also the land of cultural icons like the Sydney Harbor Bridge, spanning one of the world’s largest natural harbors, and the Sydney Opera House, a World Heritage Site. The lifting of height restrictions in the 1960s ushered in an era of high-rise construction. The world’s top architects followed. Jean Nouvel, Norman Foster, Richard Rogers and Frank Gehry are among those who’ve helped to shape the city. Their modernist contributions mix with Victorian and Art Deco structures. The skyline, the views, the beaches and the active lifestyle are reasons why it is the most populous city in Oceania.
Many of the top beaches to the east, such as Bondi Beach and Coogee Beach, are within easy access of the city center. Other points of the compass lead to rainforests, bushwalks and the foothills of the Blue Mountains.
Buying and selling homes at auction, as opposed to private transactions, is common, especially at the high end of the market where demand is competitive and supply is low. No matter the sales method, international investors require government approval.
In Australian dollars, Sydney has the highest percentage of million-dollar homes in the country, nearly 25% as of December 2013 according to CoreLogic RP Data, a property information and analytics service. Residences near the central business district, by the water or with an architectural pedigree fetch the highest prices. Some of the toniest neighborhoods are in the eastern suburbs such as Point Piper. Residents of this small harborside community have the nation’s highest incomes and a single street in Pointer Piper called Wolseley Road famously houses the most expensive residential real estate.