Increase in House Prices and Rents in Sydney
According to the latest Domain Group figures Sydney’s median house price jumped to a record $1.1 million in the December quarter, boosting the affordability challenge for the new NSW Premier. It also said that the fastest quarterly increase in a year and a half pushed the national median house price up 3.4 per cent over the three-month period to $780,887, and unit prices up 2.4 per cent to a record $551,110.
Rents also rose, confounding expectations they would be kept in check by flatlining wages.
Sydney’s median house price jumped 4.7 per cent to $1,123,991 from $1,068,303 in the September quarter. The contrast between soaring prices in the NSW capital, where a derelict 2-bedroom terrace house in Paddington sold at the end of October for $1.19 million, and the rest of the country is clear. A three-bedroom sandstone family home in Adelaide’s upmarket Dulwich sold for slightly less – $1.15 million – a few weeks later in November.