Sydney house prices record largest annual gain since 2017 peak

Property PriceProperty prices in Australia are almost back to peak levels according to Domain’s December 2109 House Price Report .

Sydney’s property market is well and truly on its way back up, with the latest data revealing the city’s median house price increased 6.8 per cent in the 12 months ending December 2019, reaching a new median of $1,142,212.

Over the same period Sydney’s unit median prices increased by 3 percent, reaching a median of $735,387.

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Source: Domain

The Sydney market is fragmented

Sydney’s inner west recorded the strongest annual rise, up 15.4 per cent – adding $225,000 to its median house price, now $1.69 million according to Domain.

Property values in the north-west great by 13.6 per cent and properties in the lower north shore jumped in value by 13 per cent.

Houses had regained almost two-thirds of the value lost during the 18-month downturn in only two quarters, according to Domain’s senior research analyst Dr Nicola Powell with house prices now only 4.6 per cent below the mid-2017-high and unit prices 6.2 per cent lower.

Median house prices

REGION DEC-19 QOQ YOY
Blue Mountains $665,000 2.3% 0.8%
Canterbury Bankstown $910,000 5.3% 5.8%
Central Coast $630,000 2.4% 1.6%
City and East $2,348,000 6.7% 2.1%
Inner West $1,690,000 9.0% 15.4%
Lower North Shore $2,600,000 11.6% 13.0%
North West $1,340,000 8.9% 13.6%
Northern Beaches $1,855,000 9.1% 12.4%
South $1,205,000 6.6% 9.5%
South West $710,000 2.2% 3.0%
Upper North Shore $1,822,500 9.6% 11.1%
West $720,000 2.9% 2.6%
Source: Domain House Price Report, December Quarter 2019.

Median unit prices

Region Dec-19 QoQ YoY
Canterbury Bankstown $508,125 -3.9% -2.3%
Central Coast $467,500 8.7% 0.5%
City and East $999,000 6.3% 5.2%
Inner West $765,000 2.0% 0.7%
Lower North Shore $971,000 4.5% 7.3%
North West $695,000 -0.9% 3.1%
Northern Beaches $940,000 5.0% 7.1%
South $690,000 1.6% -2.1%
South West $445,000 -3.3% -3.9%
Upper North Shore $802,500 7.7% 5.6%
West $545,000 -0.9% -3.5%
Source: Domain House Price Report, December Quarter 2019.

Of course the unit market is a two tier market with buyers shying away from the oversupplied new apartment market which carries the stigma of the much publicised structural issues.

Here’s what’s happened around the country.

Median house prices, national

Capital city Median house price QOQ YoY
Sydney $1,142,212 5.7% 6.8%
Melbourne $901,951 5.0% 8.7%
Brisbane $577,664 1.3% 1.5%
Adelaide $542,947 1.3% 1.1%
Canberra $788,621 7.3% 5.4%
Perth $537,013 0.7% -1.9%
Hobart $530,570 8.5% 15.6%
Darwin $509,452 -3.0% -1.1%

Source: Domain House Price Report, December 2019

Median unit prices, national

CAPITAL CITY MEDIAN UNIT PRICE QOQ YOY
Sydney $735,387 4.0% 3.0%
Melbourne $549,701 5.6% 12.2%
Brisbane $377,549 -3.4% -5.1%
Adelaide $306,327 -1.4% -3.7%
Canberra $455,537 4.0% 0.1%
Perth $342,708 -2.1% -0.5%
Hobart $441,104 15.2% 19.0%
Darwin $286,249 -5.4% -11.1%

Source: Domain House Price Report, December 2019

For a more detailed account of what’s happening in the Sydney property market NOW READ: Property Investment In Sydney – 20 Market Insights

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Kate Forbes

About

Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).
Visit www.MelbourneBuyersAgent.com.au


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