Sydney’s property market may be trailing off from its peak, but prices are still exceptionally high versus the average household income in the majority of suburbs across the city.

Thanks to historically low interest rates, government incentives, pandemic-induced interstate migration, and historic levels of demand from buyers over the past two years, prices have surged across most of the country.

Data shows that Australia’s overall property prices beat records in the final quarter of 2021, with the national median house price surpassing $1 million for the first time.

That’s a 25.7% year-on-year surge in house prices and a 7.7% year-on-year increase for units.

For Sydney, price growth was just as strong.

Sydney

Domain data shows that Sydney’s median property price currently sits at $1,590,932, versus $1,314,383 12 months ago.

And over the past five years, the price difference is even more pronounced.

Let alone the price difference thanks to the 400% growth we’ve seen over the past 30 years.

That’s the cost of living in an international city on the water which offers an unparalleled lifestyle.

But if you think the recent price surges are high, take a look at some of the Sydney suburbs where price growth was particularly exceptional.

For example, Sydney’s modest northern beaches suburb of Warriewood achieved an enormous 51.6% increase over the course of 2021 to set a new record median house price of $2.19 million.

Units in the suburb, meanwhile, surged 28.8% to $1.185 million.

The luxury beach suburb of Palm Beach also saw median house prices jump 45.2% to $5.7 million over the year while Manly and Marsfield both enjoyed a 45% increase in their annual median house prices to $4.405 million and $1.305 million respectively.

Not every suburb follows the same trend

Sydney’s prices have trended higher but there are some exceptions, even amid a property boom.

Data by Domain found that there are a handful of suburbs in New South Wales where prices are actually cheaper now than what they were in 2017 – significantly, in some cases.

Interestingly, they’re all in Sydney and they’re all units.

For example, Kingswood in Sydney’s west currently has a median property price of $387,500, which is significantly lower than just five years ago – 14.4% lower in fact.

Harris Park, also in Sydney’s west, has also seen prices drop 14.2% to a new median of $430,000.

But it’s not only western suburbs that have made the list.

Eastwood and North Ryde in the upper north shore also have median unit prices far lower than 5 years ago – a respective 10.6% and 9.6% lower to be exact.

Even unit prices in the city’s more affluent east have struggled to ignite in line with the national increases.




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