If you’re thinking about buying a home in Sydney, you’ll want to know the local property market inside and out so you can get the best price in a good location.
On the other hand, if you’re thinking about selling, you want to make sure you secure the highest value while setting the reserve at a competitive price.
Average house prices in Sydney
We’ve created a quick guide to average house prices in Sydney to help you get your head wrapped around the current state of the property market:
House prices in Sydney city and eastern suburbs
House prices in the city and eastern suburbs recorded a quarterly growth of 5.7%, according to the December 2017 Domain Group House Price report. The yearly increase of 2%, however, is the lowest level of annual increase since 2012 – a sign that growth is slowing in these areas.
- Median house price December 2017: $2,377,500
- Median house price September 2017: $2,250,000
- Median house price December 2016: $2,331,000
House prices in the inner west
Property values in Sydney’s inner west dropped by more than 2% in December 2017 compared with the previous quarter. Domain Group data scientist Nicola Powell puts this down to greater competition coupled with less demand from buyers.
- Median house price December 2017: $1,610,000
- Median house price September 2017: $1,666,000
- Median house price December 2016: $1,643,000
House prices on the Lower North Shore
Despite a quarterly drop in prices by over 2%, the Lower North Shore in Sydney looks to now be a steady market with a good balance between supply and demand. The slowdown of property values in the area means buyers now have more choice, although prices are still relatively high.
- Median house price December 2017: $2,418,000
- Median house price September 2017: $2,473,250
- Median house price December 2016: $2,475,000
House prices on the Northern Beaches
Much like the lower north shore, house prices on the Northern Beaches have taken a quarterly dip of around 2%, likely due to factors such as tighter lending restrictions, an overall downturn in the market, and increased competition. Comparatively, though, houses in the northern beaches are still considerably more affordable than the Lower North Shore.
- Median house price December 2017: $1,777,500
- Median house price September 2017: $1,830,000
- Median house price December 2016: $1,750,000
House prices in South Sydney
House prices in South Sydney and the Sutherland Shire areas remained relatively steady over the final quarter of 2017 after experiencing moderate growth throughout the year. Houses in the region also tend to sell at a more affordable price point compared with other areas throughout the city.
- Median house price December 2017: $1,280,000
- Median house price September 2017: $1,300,000
- Median house price December 2016: $1,250,000
House prices in Western Sydney
Western Sydney saw some of the biggest growth in Sydney between September 2017 and December 2017, with average house prices increasing by 6.9%. This is likely due to significant developments in the area, like Badgerys Creek Airport, better transport options, and growing employment opportunities. Despite the price boom, homes in Western Sydney are still some of the most affordable in the city.
- Median house price December 2017: $759,000
- Median house price September 2017: $741,000
- Median house price December 2016: $710,000
If you’re thinking about buying a home in Sydney, have a look at our latest property listings throughout the city.
Or, if you’re looking to sell, you can also get a free online property estimate, which includes your property’s estimated value, sales history, and comparable properties in your area.