Housing boom

Housing boom is creating huge wealth

PHOTO: Emilio Mrakas, with wife Alanna and kids Christopher and Ariana are taking their Wilson Ave house in Belmore to auction today. Picture: Toby Zerna Source: News Limited

Analysis of three decades of housing data has revealed just how much prices grew from 1990-2020 and how the market created unprecedented family wealth – especially for the rich.

Booming property prices have generated staggering wealth for Sydney homeowners lucky enough to have purchased before the housing market went gangbusters.

Analysis of property pricing over the past 30 years revealed housing values quadrupled across the Harbour City and grew at close to double the rate of incomes.

Sydney’s median price, based on sales of units, houses and townhouses, was $180,000 in 1990 and was $870,000 at the end of 2020, the Aussie Home Loans and CoreLogic research revealed.

The rise represented growth of 384 per cent – or average annual growth of about 5.4 per cent.