Sydney median house price soars by double digits

Sydney surpassed both the national and capital city average house price growth, which climbed 1.9 per cent to $684,500 and 7.4 per cent to $1,056,000, respectively.

According to SQM Research managing director Louis Christopher, strong market conditions are expected to continue with buyers flocking into the market, supported by record-low interest rates.

“With low interest rates set to remain over 2021, and many households awash with cash as the jobless rate continues to fall, we expect to see sustained gains in house prices over the remainder of the year.”

Other capital cities also witnessed house price growth over the week, albeit trailing behind Sydney with a big gap.

Melbourne was in second place with growth of 3.9 per cent, followed by Perth and Canberra with 1.3 per cent and 0.4 per cent, respectively.

In contrast, Hobart saw the largest weekly drop in housing values of 14 per cent, bringing its median house price to $641,600.

House prices also contracted in Darwin, Adelaide and Brisbane by 6 per cent, 2.3 per cent and 0.2 per cent, respectively.

Month-on-month, Melbourne beat out Sydney for the highest house price growth of 1.3 per cent, followed by Brisbane with 0.6 per cent and Darwin with 0.4 per cent. Sydney and Perth saw a lower 0.3 per cent growth, while Adelaide remained stable.

Annually, Hobart emerged as the winner, with house price growth at 12.7 per cent – the only capital city that saw a double-digit increase.

Sydney followed with 9.7 per cent, then Brisbane with 5.6 per cent, Darwin with 4.1 per cent, Adelaide with 3.2 per cent, Melbourne with 2.3 per cent and Perth with 0.9 per cent.

How much do you need?

Depending on which capital city investors choose to buy in, here’s what they can expect to spend and an indication of asking rents:

Sydney
Buy houses: $1,524,200
Buy unit: $663,800
Rent houses: $664.2
Rent units: $452.6

Melbourne
Buy houses: $1,061,200
Buy unit: $564,700
Rent houses: $505.6
Rent units: $361

Brisbane
Buy houses: $677,300
Buy unit: $388,800
Rent houses: $496.4
Rent units: $387.7

Perth
Buy houses: $671,000
Buy unit: $389,100
Rent houses: $519.7
Rent units: $392.3

Adelaide
Buy houses: $545,300
Buy unit: $326,200
Rent houses: $437.6
Rent units: $329.4

Canberra
Buy houses: $765,100
Buy unit: $481,300
Rent houses: $699.8
Rent units: $496

Darwin
Buy houses: $598,800
Buy unit: $385,900
Rent houses: $614.6
Rent units: $421.2

Hobart
Buy houses: $641,600
Buy unit: $414,800
Rent houses: $486.6
Rent units: $431