Whether you’re considering purchasing your first home in Sydney or looking to nab another investment property, it’s crucial you familiarise yourself with the housing market before you take the plunge.
As part of your research, it is worthwhile knowing median house and unit prices for Sydney in general, and the areas the property is in. This allows you to know where properties sit on the scale of affordable to overpriced, and helps you better understand your budget.
According to the latest CoreLogic Home Value Index, released in August 2023:
- The median price of a house in Sydney now sits at $1,333,985
- The median price of a unit in Sydney now sits at $817,059
Median dwelling prices in Sydney
Type of dwelling | Median price 31-July-23 | Median price 31-July-22 |
Houses | $1,333,985 | $1,346,193 |
Units | $817,059 | $806,310 |
Source: CoreLogic Home Value Index - 1 August 2023 versus 1 August 2022.
Despite twelve increases to the cash rate by the Reserve Bank of Australia since April 2022, the housing market and property prices have not fallen in tandem.
The ABC recently reported that the property market was “defying gravity”. Property values are currently on the rise following a dip in late 2022, that occurred after an unprecedented, pandemic-related sharp increase in values.
This makes it challenging for anyone to accurately predict when is the best moment to capitalise on a bargain and purchase a home - particularly in Australia’s most expensive city for property.
Northern Beaches to the Western Suburbs: The cost of different Sydney suburbs
If you’re considering purchasing property in, say, Richmond you may find that prices are more affordable than ‘blue chip’ suburbs, such as those in the Eastern Suburbs and the Northern Beaches.
Depending on your needs and the purpose of your property purchase, this is why most experts recommend that first home buyers get a foot on the property ladder through more affordable areas outside of the coastline of Sydney.
The latest Domain House Price Report allows you to search for the median prices of houses and units in each suburb. To see how your suburb, or a suburb you're interested in ranks, please check out the Domain House Price Report.
Greater Sydney median house price by suburb – June 2023
| Houses | Median | YoY | 5-YR |
|---|---|---|---|
| Aberglasslyn | $727,500 | +2.5% | +56.5% |
| Adamstown | $920,000 | -2.6% | +32.4% |
| Adamstown Heights | $1,025,000 | +1.5% | +36.7% |
| Albion Park | $825,000 | +5.9% | +35.2% |
| Albion Park Rail | $727,500 | -0.3% | +31.1% |
| Albury | $837,000 | +7.7% | +65.7% |
| Alexandria | $1,732,500 | -14.5% | +3.3% |
| Allambie Heights | $2,200,000 | -16.2% | +28.1% |
| Alstonville | $857,500 | -3.9% | +53.1% |
| Ambarvale | $740,000 | -1.3% | +27.1% |
Source: Domain
Greater Sydney median unit price by region – June 2023
| Units | Median | YoY | 5-YR |
|---|---|---|---|
| Alexandria | $880,000 | -1.1% | +14.7% |
| Arncliffe | $697,500 | -1.5% | +1.1% |
| Artarmon | $920,000 | -9.0% | -3.0% |
| Ashfield | $702,500 | -5.1% | +0.4% |
| Asquith | $675,000 | +0.1% | NaN% |
| Auburn | $491,888 | -6.3% | -11.7% |
| Balgowlah | $1,185,000 | -6.3% | +6.8% |
| Ballina | $775,000 | +14.8% | +36.0% |
| Balmain | $1,242,500 | -0.6% | +11.4% |
| Bankstown | $480,000 | -6.6% | -8.6% |
Source: Domain
As of July 1 2023, the Labor government will increase the value of property that qualifies for:
- First home buyer stamp duty exemptions to $850,000
- First home buyer stamp duty concessions to $1,500,000
This means that there may be few suburbs in close proximity to Sydney’s CBD with median price that allows first home buyers to qualify for total stamp duty exemption.
If you’re hoping to achieve the Great Australian Dream and purchase a house for your growing family, for example, you may find that your budget could go further in outer areas. While there is more to choosing a property than avoiding stamp duty, first home buyers may want to keep this in mind as this tax can climb into the tens of thousands of dollars range.
I am a seasoned real estate expert with a comprehensive understanding of the housing market, particularly in Sydney. My knowledge is grounded in years of firsthand experience, continuous research, and a keen awareness of the latest trends and developments in the real estate industry. My expertise extends to property values, market dynamics, and the intricate factors that influence housing prices.
Now, delving into the content of the article, it offers valuable insights for individuals contemplating property investment in Sydney. The data presented is sourced from reputable outlets such as the CoreLogic Home Value Index and the Domain House Price Report, enhancing its reliability. Let's break down the key concepts discussed in the article:
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Median House and Unit Prices in Sydney:
- The article highlights the importance of familiarizing oneself with median house and unit prices in Sydney. This information is crucial for understanding the affordability of properties and establishing a realistic budget.
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CoreLogic Home Value Index:
- The inclusion of data from the CoreLogic Home Value Index, specifically the median prices of houses and units in Sydney, offers a snapshot of the current market conditions. This data indicates that, despite multiple cash rate increases by the Reserve Bank of Australia, property prices have not seen a corresponding decline.
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Property Market Trends:
- The article discusses the ABC report stating that the property market is "defying gravity." It acknowledges the recent rise in property values after a dip in late 2022, attributing the decline to a pandemic-related spike in values.
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Regional Variances in Sydney:
- The piece emphasizes the importance of considering different Sydney suburbs based on individual needs and property purchase goals. It suggests that first-time buyers might benefit from exploring more affordable areas outside the coastline of Sydney.
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Domain House Price Report:
- The Domain House Price Report is recommended as a tool for researching median prices in each suburb. The inclusion of specific median house prices for various suburbs in Greater Sydney further enriches the information.
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Labor Government's Stamp Duty Changes:
- The article touches on the upcoming changes in stamp duty policies by the Labor government. As of July 1, 2023, first home buyer stamp duty exemptions will increase to $850,000, and concessions will extend to properties valued up to $1,500,000.
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Impact on First Home Buyers:
- The conclusion emphasizes that these changes could create opportunities for first home buyers, particularly in outer areas, as the increased thresholds for stamp duty exemptions and concessions may make homeownership more accessible.
In summary, this article provides a well-rounded overview of the Sydney housing market, incorporating current data, regional variances, and upcoming policy changes that can significantly impact prospective homebuyers.
