Sydney reached a real estate milestone that won’t have buyers celebrating you see Sydney’s median asking price for a detached home has officially broken the $1 million barrier.
According to SQM Research the median price is now $1,005,800.
By comparison, the median asking price for detached housing and units across all Australian capital cities – including Sydney – sits at $755,100.
Despite that high median price in Sydney, some analysts are saying the market is cooling a little in the New South Wales capital.
In a recent article for the API Newsletter on whether authorities need to intervene in order to slow Sydney’s runaway market, chief economist for the Domain Group, Dr Andrew Wilson said the property boom has become, effectively, overhyped and that recent auction clearance rates and home loan data would show the market is fixing itself.
When asked whether kerbing buyer enthusiasm through higher interest rates, tighter lending or tougher tax regimes was warranted, Dr Wilson’s call is to let the free market do its thing because if policy makers intervene, trouble can follow.
“That’s the beauty of our market,” he says, “it’s self correcting.”