Recently Robert & Christine visited New York and stayed in a 2 bedroom, 2 bathroom unit on the 35th floor in 47th Street, near 3rd Avenue. The unit was in average condition and had a small balcony with City views including the lovely Chrysler Building. It was in the area known as Turtle Bay. The unit is approximately 85 sq.m. and based on recent sales would probably sell, at best, for $1,350,000 or $15,888 per sq.m.
We recently sold a 3 bedroom, 2 bathroom unit in Help Street for $1,085,000. The property is located close to shops and train with a Northerly sunny views. The unit is approximately 116 sq.m. That equates to $9,353 per sq.m.
So even with the down turn, US property market prices of apartments appear to be roughly 60-70% dearer than Chatswood.
Chatswood is a suburb with over 11,000 properties, and approximately 8,400 of those are units. This means, due to the smaller percentage of houses, that the houses located close to the CBD are in high demand. The upcoming Auction of a house at 28 Violet Street, Chatswood will be a good test for the market.
While the Australian cricketers are not getting enough runs, the Chatswood real estate agents are not getting enough property to sell. Hopefully August will bring more properties to the market.