A Study of the Sydney Property Market Over Two Decades
June 23rd, 2014
Over the last two decades, the Sydney property market has undergone significant changes in regards to the median price of a home and the property’s location, according to Cameron Kusher on Property Observer. Let’s take a look at how things have changed:
1990 – The median price of a home in Sydney was $152,500. Out of the 12 house/unit sales at the median price, 11 were within 20km of the CBD.
1994 – The median price of a Sydney property was $169,000. From the 34 house/unit sales, 5 were within 10km of the CBD, 3 were more than 10km from the CBD, and 7 were more than 20km away.
1999 – The recorded median price was $237,000. Out of the 59 sales, none of the house sales were within 10km of the CBD, while most house/unit sales were situated more than 10km or 20km from the CBD.
2004 – The median Sydney house price was $440,000. From the 127 sales, only a few house sales were within 10km of the CBD, whereas most house/unit sales were more than 10km or 20km from the CBD.
2009 – The median dwelling price was $420,000. The prices of Sydney homes didn’t increase after falling by about 10%. And like in 2004, out of the 205 sales, a few house sales were within 10km of the CBD, and most house/unit sales were more than 10km or 20km from the CBD.
2014 – The median house price in Sydney was $680,000, showing that prices have increased by 347% over two decades. From the 71 sales at the median price, a few house sales were within 20km of the CBD, and most unit sales were more than 10km from the CBD.
Overall, most house sales were located further away from the CBD, whereas those who wanted to live close to the CBD bought units because they’re cheaper than houses. But Kusher said that as the CBD becomes more populated, more house/unit sales can be expected to occur much further from the CBD.
