A statistic which further illustrates Australia’s ballooning property prices has revealed that Sydney’s Wolseley Rd is now the 9th most expensive street in the world, with a square meter value of $20,500.
This means that with the first homeowner’s grant of $7k you would be able to secure a princely .3m2 of land. Not too shabby, huh? A place to rest your hat and not much else.
A recent record breaking sale of $52m lifted the street out of 10th place in the world rankings, falling behind Hong Kong’s Severn Road, London’s Kensington Palace Gardens, and New York’s wealth reflection pool, Fifth Avenue.
The interesting thing about Wolseley Rd is the disparity between rich and poor – and when I say poor, I mean houses under $10m. On one side, the villas unfurl their way down to the waterfront over several levels. On the other side, the aesthetics are marred by the densely configured apartment blocks. The mix of new and old is a fair indication of past and present wealth.
Even though a bunch of the waterfront houses have multi-level elevators for cars, I think if I had $52m I would pocket $22m of it and invest the other $28m in a nice humble residence.