Despite moderate declines very recently and with a healthy current median value of $904,041, Sydney remains the country’s most expensive housing market, as it has been since it took the title from in 2006 and 2007, according to the latest CoreLogic data.
According to CoreLogic’s most recent Property Pulse, the current Sydney dwelling value premium is as large now as it was in late 2002.
Research analyst Cameron Kusher said that Sydney values peaked in December 2002, before falling by 8.2 per cent, then peaking again in October 2007.
“It is reasonable that we could see similar falls over the coming years, which would in turn narrow the gap between the value of housing in other capital cities relative to Sydney,” Mr Kusher said.
“Just because the Sydney premium is currently above the long-term average for most cities, this doesn’t necessarily mean that we will see a reversion to those long-term averages.”
Mr Kusher also said that dwelling values are beginning to fall in Sydney, and assuming they continue, the premium relative to the other capital cities is likely to decline.
Capital city performance against Sydney
Dwelling values currently sit at $718,325, indicating that Sydney values are 25.9 per cent higher. The Sydney premium is currently the lowest it has been since April 2014.
Over the long term, Sydney’s average premium has been at 39.2 per cent.
With a median dwelling value of $490,915, Sydney dwellings are currently 84.2 per cent more expensive than Brisbane’s.
The long-term average premium is 54.1 per cent and the premium has consistently been higher than this average since September 2014.
Sydney dwelling values have, on average, been 180.3 per cent higher than Adelaide’s. Adelaide’s current median dwelling value of $432,126 sees the Sydney premium at 109.2 per cent.
Sydney has consistently had an above-average premium to Adelaide since November 2014.
The current median dwelling values for the city is recorded at $463,026, which indicates that Sydney’s current median is 95.2 per cent higher compared to a long-term average difference of 60.8 per cent.
The premium for Sydney housing has been above the long-term average since August 2015.
With a median dwelling value of $398,093, Sydney’s median value is currently 127.1 per cent higher.
The long-term average Sydney premium is 105.0 per cent, indicating that the gap has been wider than average since December 2013.
Sydney dwellings are currently 108.9 per cent more expensive than Darwin’s, whose value sits at $432,774.
Over the long term, the average premium for Sydney dwellings has been recorded at 54.9 per cent, with the premium consistently above the long-term average since June 2015.
The median dwelling value currently is $588,788, giving a Sydney value premium of 53.5 per cent.
The long-term average premium for Sydney is 33.2 per cent, with the premium having been above average consistently since April 2014.