- Sydney's asking house price has hit a median of $1.4M (Mar 2021)
- Prices have risen 17% over the last 22 months
- Strong prices are set to continue, albeit rising at a slower rate
Sydney house asking prices hit $1,406,364 in March 2021, an all-time record for the harbour city, according to SQM Research.
(Note: this is “asking prices” for houses not median prices of all property, the latter of which is commonly used in property price comparisons.)
From a relative trough of $1.2M in May 2019, prices have been on a steady incline over the subsequent 22 months, rising 17% over that time.
The last time they had peaked before this was in January 2018 when prices hit $1.39M, and before that $1.38M in May 2017.
Prior to 2017, prices rose from around $733K in mid-2009 all the way up to that 2017 peak.
Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return.
Meanwhile, 3-bedroom houses have tracked the same path as ‘All Houses’, usually $150K or so below in price. Prices for units have shown a similar pattern, at around $700K average, having peaked in January 2020 at $765K.
Back in 2010, units sold for a median price of $410K.
With 70% to 80% of Sydney auctions selling at auction, historically low interest rates and a relatively strong economy, there are few signs that property price rises will end sometime soon. However, most commentators believe the rate of price rises will slow.
Interactive Charts courtesy of SQM Research, with permission.