Sydney Housing Market Insights - November 2021

Sydney housing market insights reveal that the city’s median house price, $1.36 million, will soon breach the $1.5-million mark, according to trends.
As Australia’s capital cities recover from the lockdowns and restrictions, Sydney’s property prices are continuing to rise. House prices in Sydney have increased by a massive 30.4% in the past year, raising the median house price to $1,360,000.

Things have begun to slow, however—Sydney’s monthly rate of growth has more than halved since the highs seen in March this year, when dwelling prices reached a monthly growth rate of 3.7 %—the fastest four week increase the city has experienced in over three decades.
November’s bump in dwelling prices was a modest dip from the previous month, when dwelling values grew at a rate of 1.5 %, while house and unit price growth also slowed after lifting by 1.6 % and 1.2 %, respectively, in October.
According to Corelogic, property values rose 0.9 % in November and are now up 25.8 % over the year providing sellers with a gross yield of 2.4 %.
The current median value for dwellings surpassed $1 million in June, and has further advanced an additional $18,500 over the month of November.
The average house in Sydney is now selling for $1.36 million and units for $837,000.
The gap between the median house and unit value in Sydney is now close to $500,000.
A typical Sydney house is now about $340,000 more expensive than it was at the beginning of January, while units have experienced a gain of $105,000.

Growth in Sydney’s apartment market has been more subdued, with median unit prices in about 30% of suburbs still down year-on-year.
Bronte, in Sydney’s eastern beaches has experienced the biggest jump by far in 2021, with the median house price climbing a whopping $1.9 million, or 55%, over the year to September to reach $5.35 million—an increase of about $5200 per day.
Nearby South Coogee, Manly and Palm Beach on the northern beaches, and Killara on the upper north shore, also saw median house prices climb by more than $1 million.