Whether you’re considering purchasing your first home in Sydney or looking to nab another investment property, it’s crucial you familiarise yourself with the housing market before you take the plunge.

As part of your research, it is worthwhile knowing median house and unit prices for Sydney in general, and the areas the property is in. This allows you to know where properties sit on the scale of affordable to overpriced, and helps you better understand your budget.

According to the latest CoreLogic Home Value Index, released in August 2023:

• The median price of a house in Sydney now sits at $1,333,985
• The median price of a unit in Sydney now sits at $817,059

Median dwelling prices in Sydney

Source: CoreLogic Home Value Index - 1 August 2023 versus 1 August 2022. 

Despite twelve increases to the cash rate by the Reserve Bank of Australia since April 2022, the housing market and property prices have not fallen in tandem. 

The ABC recently reported that the property market was “defying gravity”. Property values are currently on the rise following a dip in late 2022, that occurred after an unprecedented, pandemic-related sharp increase in values. 

This makes it challenging for anyone to accurately predict when is the best moment to capitalise on a bargain and purchase a home - particularly in Australia’s most expensive city for property. 

Northern Beaches to the Western Suburbs: The cost of different Sydney suburbs

If you’re considering purchasing property in, say, Richmond you may find that prices are more affordable than ‘blue chip’ suburbs, such as those in the Eastern Suburbs and the Northern Beaches. 

Depending on your needs and the purpose of your property purchase, this is why most experts recommend that first home buyers get a foot on the property ladder through more affordable areas outside of the coastline of Sydney.

The latest Domain House Price Report allows you to search for the median prices of houses and units in each suburb. To see how your suburb, or a suburb you're interested in ranks, please check out the Domain House Price Report. 

Greater Sydney median house price by suburb – June 2023

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