Sydney housing values edged 0.3% higher in February. The rise was a little stronger for houses up 0.3% than units at 0.2% and was also more noticeable across the upper quartile of the market where values rose by a larger 0.4% in February compared with just a 0.1% rise across lower quartile values.
The lift in housing values was accompanied by an improvement in auction clearance rates rising to the mid 60% range. Prior to February, clearance rates were tracking in the mid to low 50% range. Buyers still have more choice than normal with advertised stock levels tracking 7.6% above the five year average.
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.
