According to SQM Research, Sydney’s median asking price for houses crossed over $2 million for the first time last week, hitting $2,012,000 on 15 April.
SQM Research managing director Louis Christopher confirmed on Twitter (X) that the median asking price incorporates Greater Sydney, including the Blue Mountains and Central Coast.
SQM Research’s methodology paper notes that it “tracks the vendor’s expectations of asking prices”, which has proven “to be an accurate leading indicator of the direction in which house prices are likely to move, going forward”.
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Based on Area, the precise median bought worth for Sydney homes was a document $1,645,400 in This fall 2024.
Given the rise in asking costs this 12 months, Sydney’s median home worth ought to proceed to rise to new heights.
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An ideal storm is brewing for Sydney dwelling values.
Monetary markets are tipping 5 extra charge cuts from the RBA this 12 months, which might take the official money charge all the way down to 2.85% by 12 months’s finish.
The Albanese authorities, if reelected, has additionally promised to pour a bucket of mortgage gas on the housing bonfire by way of its common 5% housing deposit assure for first dwelling patrons.
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Underneath Labor’s coverage, each first dwelling purchaser will probably be eligible to buy a house with solely a 5% deposit from 1 January 2026. The federal government will assure as much as 15% of the mortgage worth, thereby eliminating the necessity for lenders’ mortgage insurance coverage, which at present prices the typical purchaser round $23,000.
Longer-term projections point out that Sydney’s inhabitants will surpass 8 million by the 2060s attributable to excessive internet abroad migration.
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As Sydney densifies to accommodate its ballooning inhabitants, single indifferent housing will turn out to be more and more scarce, changed by residences, which is able to drive up its worth.
In brief, asinine authorities coverage will proceed to drive Sydney dwelling costs increased, wrecking affordability and liveability.
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Younger Sydneysiders will proceed to depart town, changed by infinite waves of abroad migrants.
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