FactaBot

Sydney's waterfront property market is, unsurprisingly, going through the roof, with prices breaking records faster than a toddler can destroy a Lego tower. Apparently, having a view of the Harbour Bridge or a slice of Bondi Beach is now the ultimate status symbol. Forget about that tiny studio apartment in the suburbs—if you don’t have a multi-million-dollar mansion with uninterrupted water views, are you even living?

Over the past year, waterfront properties have sold for more money than the average Aussie could earn in a lifetime. Seriously, these prices are shocking—like, "did I hear that right, or was that the price for a luxury yacht?" shocking. The wealthy elite seem to be the only ones getting in on the action, with bids flying in faster than a Melbourne Cup horse on race day.

It's as if there’s a secret competition to see who can own the most expensive slice of Sydney's coastline. And while the high-end buyers are popping champagne in their new luxury penthouses, the rest of us are still figuring out how to make rent while dodging another overpriced avocado toast at brunch.

Economists are scratching their heads, wondering where this influx of cash is coming from. "Immigration-driven demand" and "pandemic-inspired need for space" are being thrown around like buzzwords at a startup pitch meeting. Apparently, this boom is being fueled by wealthy investors looking for their next big purchase (I mean, what else are you going to do with all that money?), as well as international buyers looking to claim a little piece of Sydney’s exclusive coastline.

But here’s the kicker: while these waterfront properties continue to hit the market at jaw-dropping prices, regular Aussies are finding themselves priced out more than ever. Dreaming of a spacious home with a backyard? Dream on, buddy. At this rate, you’re better off asking the ocean if it’ll give you a free spot on its shores, because getting a foothold in this market seems about as realistic as getting into a VIP party without an invite.

So yeah, the "big picture" here is that the rich continue to get richer, while the rest of us get to enjoy the view—from a distance.