Sydney’s median asking price for houses now $1m+
Sydney’s median asking house price is now a whopping $1,005,800, according to the recently released SQM Research report, which measures and tracks asking prices in our capital city. (it can be read in full here )
Head of SQM Louis Christopher said that:
“Right now it would be impossible to purchase a free standing house in Sydney’s inner ring for under a million dollars, and will become increasingly difficult to purchase a free standing house in Sydney’s middle ring for under a million dollars.”
In July 2013 the median asking price moved into the $900,000 plus bracket, so recent growth tracking is a clear indication of the upwards trajectory that the market has been following, in particular since the beginning of 2013.
Though this may be surprising to some, here at House Search, as we’re in the market every day and see the statistics, growth rates, moving prices and continuing above-average results (for both auction and private treaty outcomes) it was only a matter of when not if. Sydney continues to be an internationally sought-after city and stock supplies have not been sufficient to keep up with demand. As with all growth cycles, this too will come to an end however even the experts get it wrong with property growth forecasts and so, until interest rates rise significantly enough to affect the market (we’re estimating it would take 2%+) and affordability ceilings are well and truly broached in particular suburbs (though in some it could already be said to be the case) we still see the market actively growing into the new year and beyond.