A Sydney house could become a symbol of the country’s economic revival as residents flock to Sydney’s southern Alps to escape the heat.
A Sydney property with an Alpine-style house front could be the next big thing to come to the city, a new report from the city’s real estate arm has suggested.
The Sydney Property Institute (SPI) said in a report that more than 3,000 people are looking to buy or lease a property in the Alps in a bid to stay cool and avoid the summer heat.
The average price in the Sydney-Tasmania region is $1.5 million, which is roughly double the average for Sydney, which has a median price of $1 million.
“It is important to note that Sydney’s average annual temperature of 21C is considered the hottest in Australia,” the report said.
It said that the Alps are not the only places where people are flocking to escape heat and that the heatwave was expected to pick up this summer.
There are currently more than 1.3 million people living in the region, the report showed.
At the height of the heat, Sydney recorded its highest temperature in March 2017 and the city had recorded its third-highest average daily temperature since 2010.
According to the report, the average monthly temperature in Sydney was 19.2C, the highest in the country and the highest temperature recorded in any month of the year.
Its possible to buy and rent a house in the mountains for a little under $2 million.
The median home price in Sydney is $2.4 million, according to the SPI.
Sydney, which was the hottest city in the world last year, is also expected to record its lowest temperature in a year as a result of the severe heatwave.
However, Sydney is already well-established as a centre for luxury housing, with the number of listings for luxury homes in the city growing by nearly 1 per cent last year.