Sydney’s median price surpasses most capital cities’ top 10% of markets
The latest Property Pulse by CoreLogic takes a break from looking at median values and instead takes a look at the capital cities’ top and bottom 10 per cent of the market to look at how property markets are performing overall.
According to CoreLogic research analyst Cameron Kusher, the current median dwelling value is at $650,930, while the bottom 10 per cent is at $350,723, with a difference between the median and bottom 10 per cent of -46.1 per cent.
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The top 10 per cent is at $1,455,490, which shows a 123.6 per cent difference between the median and top 10 per cent.
Mr Kusher then breaks down each capital city across the country as follows:
Sydney
Median: $905,917
Bottom 10 per cent: $563,459
Top 10 per cent: $1,936,633
Melbourne
Median: $710,420
Bottom 10 per cent: $437,519
Top 10 per cent: $1,474,777
Brisbane
Median: $490,525
Bottom 10 per cent: $302,177
Top 10 per cent: $826,860
Adelaide
Median: $430,303
Bottom 10 per cent: $265,730
Top 10 per cent: $746,497
Perth
Median: $462,624
Bottom 10 per cent: $299,293
Top 10 per cent: $852,021
Hobart
Median: $396,393
Bottom 10 per cent: $234,337
Top 10 per cent: $662,519
Darwin
Median: $437,910
Bottom 10 per cent: $301,889
Top 10 per cent: $640,087
Canberra
Median: $582,882
Bottom 10 per cent: $381,100
Top 10 per cent: $919,436
Aside from Melbourne and Canberra, the median price in Sydney surpassed the rest of the capital cities’ top 10 per cent markets, which indicated there are properties of a comparable quality to Sydney’s in other capital cities.
“Another trend to note is that in all capital cities, the difference between the median and [bottom 10 per cent] value is much smaller than the gap between the median and the [top 10 per cent] value,” Mr Kusher said.
“This indicates that lower value housing stock tends to be closer to the median than the expensive housing stock, which tends to be much further away from the median value. It highlights that in most cities while there is extremely expensive housing, there is not necessarily the same supply of extremely affordable housing.
“It is interesting to look at the range of housing costs across the city as it reiterates that despite the focus on medians, there is a wide variety of housing in different shapes, sizes and values across the capital cities.”
