Sydney Median Hits $1.18 Million
Sydney remains Australia's most expensive housing market with the median house price reaching $1.18 million, despite high interest rates and affordability pressures.
$1.18M
Median House
$820K
Median Unit
+4.8%
Annual Growth
11.2
Years to Save
Sydney's Property Market in 2024
Despite 13 interest rate increases since May 2022, Sydney's property market has proven remarkably resilient. The median house price has risen 4.8% over the past year, with the eastern suburbs, northern beaches, and inner west leading the charge.
The market has been supported by strong population growth, limited housing supply, and relatively low unemployment. However, affordability remains a significant barrier for first-home buyers.
Suburb-by-Suburb Breakdown
| Area | Median House | Median Unit | Growth |
|---|---|---|---|
| Eastern Suburbs | $3,200,000 | $1,150,000 | +6.2% |
| Northern Beaches | $2,450,000 | $1,050,000 | +5.8% |
| Inner West | $1,850,000 | $820,000 | +5.1% |
| North Shore | $2,100,000 | $950,000 | +4.5% |
| Western Sydney | $920,000 | $580,000 | +3.8% |
| South West | $850,000 | $520,000 | +4.2% |
Affordability Crisis
For the average Sydney household, affording a median-priced home has become increasingly difficult:
The Numbers
- 20% deposit required: $236,000
- Stamp duty (NSW): $52,500
- Total upfront costs: $288,500
- Monthly mortgage: $7,591 at 6.29%
- Annual income needed: $182,000 (30% DTI)
First Home Buyer Options
For those looking to enter the Sydney market, several options exist:
First Home Guarantee
- • Buy with just 5% deposit
- • No LMI required
- • Price cap: $900,000 (Sydney)
- • Income cap: $125,000 (single)
First Home Owner Grant
- • $10,000 grant (NSW)
- • New homes only
- • Value up to $600,000
- • Must be first home
Units: A More Affordable Entry Point
With the median unit price at $820,000, apartments offer a more accessible entry point for buyers. Key unit markets include:
- Parramatta: $620,000 median, strong growth corridor
- Liverpool: $480,000 median, good infrastructure
- Mascot: $850,000 median, near airport
- Rhodes: $780,000 median, waterfront living
2025 Outlook
Most economists expect Sydney prices to continue rising in 2025, albeit at a slower pace:
| Forecaster | 2025 Forecast |
|---|---|
| CoreLogic | +4% to +6% |
| Domain | +5% to +7% |
| PropTrack | +3% to +5% |
| SQM Research | +6% to +9% |
Calculate Your Sydney Budget
Find out what you can afford: