Sydney house prices

Sydney house prices soar to record median of $1.3m

PHOTO: Hopeful home buyer Brendan Page has paused his search for a house on the northern beaches, frustrated that he can’t keep up with the pace of the price rises. Photo: Peter Rae

Sydney house prices have soared to a record-breaking $1,309,195, rising more than $100,000 in the first three months of this year, new figures reveal, the fastest quarterly gain in almost 30 years.

The median house price jumped 8.5 per cent in the first quarter of 2021, according to the latest Domain House Price Report released on Thursday. It is the fastest quarterly growth since Domain records began in 1993.

The unit recovery has also picked up, with the median price rising 2.2 per cent over the quarter to $751,038.

The persistent lack of stock in the face of unabated high levels of buyer demand and ultra-low interest rates has continued to fuel this “extremely rare” rate of growth, according to Domain senior research analyst Nicola Powell.

She said it was a “turnaround” for the unit market as investors began to trickle back to the market at the same time priced-out house buyers opted to purchase more affordable units.

But it’s unlikely to last: buyers could expect these “extraordinary conditions” to ease in following months, Dr Powell said.

House price median
Northern Beaches $2,425,000 18.3% 27.0%
Eastern Suburbs $3,250,000 18.2% 16.1%
Baulkham Hills and Hawkesbury $1,410,000 11.9% 17.5%
Ryde $1,905,000 9.8% 10.8%
Inner West $2,000,000 9.3% 9.6%
Inner South West $1,200,000 9.1% 9.3%
North Sydney and Hornsby $2,505,000 8.9% 16.5%
Sutherland $1,351,000 7.2% 11.4%
Central Coast $759,000 6.8% 16.8%
Outer South West $725,000 6.2% 9.8%
City and Inner South $1,669,000 6.0% 4.7%
South West $825,000 5.8% 9.3%
Outer West and Blue Mountains $745,000 5.7% 10.8%
Parramatta $1,000,000 4.9% 6.0%
Blacktown $820,000 3.8% 10.8%
Source: Domain House Price Report, March 2021