Vasastan vs. Elizabeth Bay
Known in Europe as Venice of the north, Stockholm is located on Sweden’s south-central east coast, where the freshwater Lake Mälaren flows into the Baltic Sea. Vasastan is a central area that’s highly desirable with young professionals.
Similarly, Elizabeth Bay is a harbourside haunt dotted with many stylish apartments offering killer views. It’s still a place you can meander through charming laneways and remember Sydney’s historic, bohemian side.
Vasastaden, or colloquially Vasastan, is a small, three square kilometre district in central Stockholm. With about 51,661 inhabitants, it is the second most densely populated district in the city.
In the central part a 2 bed apartment will cost about $AUD 500,000. For that, you get a 30 sqm home and for 10 months of the year the average temperature is under 10 degrees. In summer there can be up to 18 hours of sunlight and in winter, as little as 6.
In that neighbourhood you cannot buy a 3 bedroom house with a yard, because they don’t exist. A three bedroom apartment suited to a family with 100 sqm of space costs $AUD 1.7 mil.
In Elizabeth Bay, you can still get a contemporary studio measuring 67 sqm for $AUD 650,000 (i.e studio in 21 Elizabeth Bay Road) and you can get a penthouse style apartment on the 8th floor of the same building for $AUD 1.8 mil.
Stockholm quick facts
- Population: 900,000
- Median House price: $AUD 675,000
- Avg. Household income: $AUD 78,000
- Avg. size of home: 80 sqm
- Cost per square metre: $AUD 2,938
Where does that leave Sydney?
Inner-city Sydney property is now on par with many desirable neighbourhoods located in major cities around the world. These include Stockholm, Los Angeles and certain parts of New York State. Sydney property is more expensive than comparable neighbourhoods in Paris, but still less expensive than Berlin, London and Hong Kong.
The intangibles factors that keep investors and ex-pats flowing into Sydney’s inner-city market, include our startling holiday lifestyle, the temperate climate, access to facilities and abundant natural green space. The population is relatively low with just 4.2 million inhabitants. The median house price is still just over $1 mil and the average household income is $47,000 per year and the average home size is relatively large, at an average 285 sqm. With a cost per square metre of $3,500, the value of our city is certainly climbing, but is not yet over the horizon.