House price boom 2.0: Property prices in Sydney to soar as experts say they are set to break records

House price boom 2.0: Property values in Sydney soar as experts say they’re on track to break records by the middle of this year

  • House and unit prices in Sydney recovered in 2019 in every region in the city 
  • Experts say if upward trend continues new price records could be set this year 
  • Among Sydney’s most expensive areas is the exclusive Lower North Shore 

Sydney house prices are set to soar with the latest data revealing an upward trend with property prices rising in every single region of the city in 2019.  

The market recorded its first annual gain since the housing bubble popped in 2017 and experts are forecasting price records could be smashed by the middle of this year. 

Sydney’s median house price regained $73,000 and increased by 6.8 per cent in the 12 months to December 2019. 

Sydney house prices are set to soar with the latest data revealing an upward trend with property prices rising in every single region of the city in 2019 (stock image) 

The city’s median house price sits at $1,142,212 while the median price of apartments sits at $735,387, having increased three per cent in 2019. 

The inner west had the biggest annual rise of 15.4 per cent – adding $225,000 to its median house price. 

Buyers in the area will need deep pockets with the median price a lofty $1.69 million. 

The exclusive area of the lower north shore is still at the top of the market with prices at $2.6 million. 

The Northern Beaches is also highly sought after with buyers needing an average of $1.855 million to secure a home. 

Domain’s senior research analyst Dr Nicola Powell said Sydney recorded the most robust quarterly rebound for houses and units since June 2015. 

‘We’re seeing growth over the quarter that was reminiscent of the boom. If we see the pace of growth continue, it’s likely [records] will be set in the next quarter,’ Dr Powell said. 

Prices have recovered so much they are only slightly lower now than they were at the height of the 2017 boom. 

House prices are currently 4.6 per cent lower than in mid-2017 and apartment prices are 6.2 per cent lower. 

Domain's senior research analyst Dr Nicola Powell said Sydney recorded the most robust quarterly rebound for houses and units since June 2015

Domain’s senior research analyst Dr Nicola Powell said Sydney recorded the most robust quarterly rebound for houses and units since June 2015 

 

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