The inner suburbs of Sydney are a melting pot of culture and class, which is why they are in such high demand for would-be home owners. But with land at a premium in inner-city Sydney, residents are seeking properties that are more financially palatable. So when it comes to deciding between a new apartment versus an old terrace house, which is the better option?
Do a little research and you’ll soon realise that a new apartment in Sydney comes with a variety of benefits that place it head and shoulders above older terrace houses. Let’s explore why.
1. Apartments have a lower price of entry
For several years now, the cost of old terrace houses in and around Sydney has been skyrocketing, with properties in Surry Hills, Paddington, Potts Point and Darlinghurst seeing terrace homes sell for upwards of $4 million at auction. One terrace house in Potts Point even sold for an eye-watering $13 million back in 2016.
Apartments, on the other hand, generally sell for much less – even new apartment buildings in Sydney’s hip inner suburbs. The median price for an apartment in Surry Hills, for example, is just $780,000 compared to a house at more than $1.65 million median.
2. Custom-Designed Home
When buying an established property like an old terrace house, you’re restricted by what the seller has done to the building. If you want to make any changes, you’ll have to pay costs in addition to the property’s purchase price.
On the other hand, buying a new apartment at The Rathbone in Surry Hills, for example, means you’ll get complete creative expression to custom-design the apartment of your dreams. You will be partnered with expert interior designer Kirsten Stanisich of SJB Interiors as your personal consultant, who will help you plan out your new dream home!
3. No Need to Renovate
Buying an old terrace house means you’ll probably be stuck with old fixtures and fittings that aren’t always reliable. Whether in the short or long term, this means you may eventually have to renovate. This can be an expensive and time-consuming process that puts your bank balance under even more pressure. However, buying a new apartment means you’ll get everything brand new: from the light fittings to your appliances, fresh walls and untouched flooring.
Buying a new apartment also gives you the freedom to live ‘upwards’ – that is, well above the ground floor. While old terrace homes in Sydney are typically built on main roads and directly adjacent to footpaths (which often have heavy foot traffic), your new apartment could be on a higher floor, meaning less noise and double-glazed windows to add some much-needed privacy.
4. Proximity to All The Hottest Amenities
Unless you have several millions of dollars to invest in an old terrace house in a prime Sydney location, then you may be some distance away from all the best amenities. However, buy a new apartment right in the heart of Surry Hills, like at The Rathbone, and you’ll be within walking distance of places like the Surry Hills Markets (460 metres), Golden Age Cinema and Bar (640 metres), the Sydney Cricket Ground (940 metres), and fashion haunts like Ellery (985 metres).
Not to mention the nearby shopping centres, cafes and restaurants, public transport and parkland.
5. Eligibility For Government Grants
Buying an established property like an old terrace home means you won’t be eligible for First Home Owner Grant (New Home). However, buying a new apartment that no one has ever lived in before means you may receive government assistance. In NSW, this means you could earn $10,000 towards your new property – which can make a huge difference to your overall expenses.
Combine that with initiatives like the First Home Buyers Assistance Scheme, the First Home Super Saver Scheme and the First Home Loan Deposit Scheme and it makes buying a new home versus an old house much more financially attractive.
The Rathbone at Surry Hills is a collection of boutique apartments set in the heart of Sydney’s bustling inner city. With just 33 apartments available and one of the finest interior designers acting as your personal consultant, these exceptional homes won’t last long – so enquire about our luxury terrace-style apartments today.