Sydney harbour
Sydney harbour. Photo – Canva.
  • 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.

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Interactive Charts courtesy of SQM Research, with permission.

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