Buying property à Sydney with a dedicated expert

Sydney's property purchase market is highly segmented by geography. Prices and buyer profiles vary dramatically across the city's regions.

• Eastern Suburbs (Bellevue Hill, Vaucluse, Double Bay, Bondi, Bronte, Randwick): Among the most expensive in Australia. Bellevue Hill has a median house price of approximately AUD 9,240,000 (Rose & Jones, 2024). The Eastern Suburbs are home to seven of Australia's ten most expensive suburbs. Buyers are typically high-net-worth individuals, executives, and international purchasers. Apartments in Darling Point have a median price of approximately AUD 2,512,397 (CoreLogic, 2024).
• Lower North Shore (Mosman, Neutral Bay, Cremorne, Kirribilli): Premium harbour-side suburbs with strong demand from families and professionals. Median house prices are in the multi-million AUD range. Mosman saw some price softening in 2024 (Domain, 2024).
• Upper North Shore (Ku-ring-gai, Hornsby, Pymble, Gordon): Family-oriented suburbs with large blocks, good schools, and strong long-term capital growth. More affordable than the Lower North Shore but still well above the Sydney median.
• Inner West (Balmain, Leichhardt, Newtown, Marrickville): Popular with young professionals, creatives, and families. A mix of terrace houses, semi-detached homes, and apartments. Prices are above the Sydney median but more accessible than the Eastern Suburbs.
• City and surrounds (Pyrmont, Surry Hills, Chippendale, Zetland): Predominantly apartment-led market. Strong demand from owner-occupiers and investors. Proximity to the CBD commands a premium.
• Western Sydney (Parramatta, Blacktown, Penrith, Liverpool): The most affordable region for house purchases. Parramatta has emerged as a secondary CBD, with unit prices more accessible than the inner city. Suburbs such as St Marys, Merrylands-Guildford, and Mount Druitt recorded some of the fastest price growth in the 12 months to early 2025 (Your Mortgage / Cotality, 2025).

The citywide median dwelling value reached approximately AUD 1,139,375 in March 2024 (CoreLogic, Q1 2024), with houses and units diverging significantly by location.

1. Define your budget and obtain finance pre-approval: Establish your maximum purchase price and secure a conditional loan approval from your lender before beginning your property search.
2. Engage a solicitor or licensed conveyancer: Appoint a legal professional early; in NSW, a solicitor or conveyancer must handle the contract review and settlement process.
3. FIRB application (foreign buyers only): Submit an application to the Foreign Investment Review Board and obtain written approval before making any binding offer.
4. Property search and inspections: Attend open homes or private viewings. Commission a building and pest inspection — and a strata report for apartments — before proceeding.
5. Review the Contract of Sale: Your solicitor reviews the contract, title documents, zoning certificates, easements, and any special conditions. Amendments may be negotiated with the vendor's solicitor.
6. Make an offer or bid at auction: In NSW, properties are sold either by private treaty (negotiated offer) or auction. At auction, the contract is unconditional and signed on the day; there is no cooling-off period.
7. Exchange of contracts: Both parties sign identical copies of the Contract of Sale. The buyer pays a deposit — typically 10% of the purchase price — held in trust. The contract becomes legally binding at this point.
8. Cooling-off period (private treaty only): Buyers have a statutory 5 business days cooling-off period after exchange, during which they may withdraw (subject to a 0.25% penalty). This period can be waived, reduced, or extended by agreement (NSW Fair Trading).
9. Unconditional finance approval: Confirm your loan approval with your lender during the period between exchange and settlement.
10. Pay transfer duty (stamp duty): Must be paid within 3 months of exchange, or on/before settlement — whichever is earlier (Sydney Property Conveyancing).
11. Settlement: Typically occurs approximately 6 weeks after exchange, though the timeframe can be negotiated. Your conveyancer electronically lodges the transfer documents via an ELN. You pay the balance of the purchase price; ownership is transferred to you (NSW Government).
12. Registration: The transfer is registered with NSW Land Registry Services, and you receive the title as the new legal owner.

Non-resident and foreign buyers can access mortgage financing in Australia, but face stricter conditions than resident borrowers.

• FIRB approval is mandatory: All foreign nationals must obtain Foreign Investment Review Board (FIRB) approval before purchasing residential property in Australia. Australian citizens living overseas and permanent residents are exempt (FIRB / ATO).
• Higher deposit requirements: Non-resident borrowers typically need a deposit of 30% to 40% of the purchase price, as lenders generally cap the loan-to-value ratio (LVR) at 60% to 70% for foreign buyers (Odin Mortgage; Taxes for Expats, 2024).
• Limited lender choice: Only a select number of Australian banks and specialist lenders offer home loans to foreign nationals. Interest rates for non-residents are generally higher than those available to resident borrowers, reflecting the perceived additional risk.
• Income assessment: Lenders may apply a discount (haircut) to foreign-currency income and typically require at least 2 years of tax returns or equivalent income documentation.
• Lender's mortgage insurance (LMI): May be required depending on the LVR and lender policy.
• Surcharge purchaser duty: Foreign buyers must budget for the NSW surcharge purchaser duty of 8% of the dutiable value in addition to standard transfer duty (Revenue NSW, 2024).
• Surcharge land tax: Foreign owners of NSW residential land are subject to an annual surcharge land tax of 5% from 2024 (Revenue NSW, 2024–25 Budget).
• Vacancy levy: A minimum annual levy of AUD 5,000 applies if the property is not occupied or genuinely available for use for at least 6 months per year (ATO).

Non-resident buyers are strongly advised to engage a specialist mortgage broker with experience in non-resident lending, as well as a qualified Australian solicitor, before committing to a purchase.

When purchasing property in Sydney, buyers typically engage several professionals whose fees form part of the total acquisition cost.

• Buyer's agent: A licensed professional who represents the buyer exclusively throughout the search, due diligence, negotiation, and acquisition process. In Sydney, buyer's agent fees typically range from 1.5% to 3% of the purchase price, or a fixed fee starting from approximately AUD 5,800 depending on the scope of service. The average fee in Sydney is reported at approximately AUD 14,500 (Unikorn / Truth Group, 2024). Services generally include: property search and shortlisting, market appraisal, due diligence coordination, negotiation or auction bidding, and contract management through to settlement.
• Solicitor / licensed conveyancer: Handles the legal aspects of the purchase — contract review, title searches, stamp duty lodgement, and electronic settlement. Conveyancing fees in NSW typically range from AUD 1,500 to AUD 2,500 for buyers, inclusive of standard disbursements and searches (RS Law Group, 2024).
• Building and pest inspector: Commissioned by the buyer prior to exchange. Fees vary by property size and type.
• Strata inspector (apartments/units): Provides a detailed strata report covering the owners corporation's financial health, by-laws, insurance, and maintenance records.
• Mortgage broker: Generally remunerated by the lender via commission; typically no direct cost to the buyer for standard residential purchases.

All professional fees should be confirmed in writing before engagement. Buyers should request a clear scope of services and a fixed-fee or capped-fee agreement where possible.