Looking Behind the Headline Figure
Whilst there are a number of houses in Sydney selling for over $1million, and is considered one of the most expensive market to purchase a house in Australia, the headlined median price of $930,000 does not necessarily apply to the overall Sydney market. The headline median price reflected the average price of houses that was sold in Sydney regardless of where it is located. The breakdown of the Sydney market into 3 geographical rings has identified that houses and units are relatively affordable in Outer Sydney. Rental affordability is also reflected in the median weekly rent of houses and units located in Outer Sydney.
For a detailed breakdown ofdata and commentary please refer to the below PDF, written by the Preston Rowe Paterson research department: