Newsflash! Sydney’s property market has had a strong run of growth since 2009. In the five years to December 2016, the proportion of suburbs in Sydney with a median price below $600,000 declined from 44% to 11%. In fact, at the end of 2016 you were 45% more likely to find a house in Sydney for over $2 million than you were for less than $600,000.
The figures below chart the proportion of houses and apartments in our capital cities priced within the ranges indicated by the key. The proportion of suburbs with a median house value of less than $600,000 at the end of 2016 was recorded at: 11% in Sydney, 38% in Melbourne, 70% in Brisbane, 71% in Adelaide, 68% in Perth, 94% in Hobart and 50% in Darwin and 40% Canberra. For units, the proportions were recorded at: 37% in Sydney, 72% in Melbourne, 99% in Brisbane, 100% in Adelaide, 92% in Perth, 100% in Hobart, 97% in Darwin and 94% in Canberra.
Suburb median values by value range, capital cities, December 2016
I completely understand that getting into the property market, particularly for a young Sydneysider, can seem daunting; you’re competing for a rapidly declining pool of affordable housing stock across the city. I also understand that Sydney isn’t the only city in Australia; you’re almost four times more likely to secure a house priced below $600,000 in Melbourne than you are in Sydney, and seven times more likely in Brisbane. What does all this mean for you? Now, more than ever, you should be taking a national approach to property investment.