TED TABET WED 26 JAN 22
Source: Domain
Sydney’s house prices are now double that of units, growing four times faster during the past year, new analysis shows. While the city’s unit prices lifted by 8.3 per cent year-on-year to hit a new record high of $802,255, the figure is just half the median of $1.6 million now needed to secure a Sydney house.
“This divergence has created a record price gap [and] the rapid escalation in price is proving a significant financial barrier to entry for buyers and upgraders against a backdrop of low wage growth,” Domain chief of research Nicola Powell said.
“Because of this, housing affordability will continue to weigh on demand throughout 2022.”
Powell said all capitals posted healthy yearly gains as a result of ultra-low interest rates, government stimulus, cash savings from cancelled overseas holidays or entertainment, and demand for bigger homes to spend more time in.
Brisbane house prices climbed 25.7 per cent, or $163,000, during the year; Melbourne rose by $172,000, a gain of 18.6 per cent; and Adelaide prices increased by $158,000, a 27.5 per cent jump on the same period. Perth by $43,000 or 7.5 per cent.