Sydney’s housing market moved through a fourth straight month of declining values, with the market down 0.4% in January to be 1.7% below the record high set in September last year.
House values have fallen more substantially than units, down 1.9% and 1.2% respectively from their peak levels.
The weaker conditions coincide with higher advertised stock levels. This is where listings are tracking 5.6% higher than a year ago and 6.9% above the previous five year average. With higher stock levels, homes are taking longer to sell with a median of 43 days on market compared with 38 days to sell a year ago.
Sydney house prices graph
Sydney house prices – the longer-term data
CoreLogic’s data shows how Sydney house prices have rapidly risen and dropped since 2019.
The Sydney property market upswing in 2021 was one of the strongest property price growth periods in Australia’s history.
And it was followed by an equally historic drop in prices in the 12 months that followed.
Over the past 30 years, Sydney dwelling values have increased by 449% (5.8% per annum), with the 10 years ending July 2022 recording the highest rate of growth over the past three decades.
The 30-year growth rate was the second highest of any capital city, after Melbourne (459%).
In dollar terms, Sydney’s median house value has increased from approximately $221,770 in July 1992 to $1,346,190 in July 2022; an increase of approximately $1,124,420.
Unit values are approximately $623,080 higher over the past 30 years, rising from $183,230 in 1992 to $806,310.
