{"id":36701,"date":"2022-01-29T11:21:18","date_gmt":"2022-01-28T22:21:18","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=36701"},"modified":"2022-01-29T11:21:18","modified_gmt":"2022-01-28T22:21:18","slug":"sydney-house-prices-surge-almost-1100-a-day","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/sydney-house-prices-surge-almost-1100-a-day\/","title":{"rendered":"Sydney house prices surge almost $1100 a day"},"content":{"rendered":"

PHOTO: Sydney house prices surged by more than 33 per cent in 2021, on Domain data.\u00a0<\/span>CREDIT:<\/span>MICHEL BUNN<\/cite><\/strong><\/p>\n

\n
\n
\n

Sydney<\/a> house prices have hit a record median of $1.6 million, new figures show, after climbing almost $1100 a day in 2021.<\/p>\n

Greater Sydney house prices skyrocketed by 33.1 per cent \u2013 almost $400,000 \u2013 last year, climbing 6 per cent in the final quarter alone to a median of $1,601,467,\u00a0Domain\u2019s Quarterly House Price Report<\/a> reveals.<\/p>\n

\"house<\/a><\/div>\n
\n
\n

Average house prices could reach $2 million in Sydney<\/a><\/h2>\n<\/header>\n<\/div>\n

It\u2019s the steepest annual increase since Domain records began in 1993, with house prices in half a dozen regions rising more than $500,000.<\/p>\n

Unit price growth was more subdued but still rose 8.3 per cent annually \u2013 and a marginal 0.9 per cent last quarter \u2013 to a record high of $802,255.<\/p>\n<\/div>\n

\n

Domain\u2019s chief of research and economics Dr Nicola Powell said house prices had grown roughly four times faster than unit prices over the year, creating a record gap between the two \u2013 with houses now twice the price of units.<\/p>\n

\u201cThe rapid escalation in price is proving to be a significant financial barrier to entry for buyers and upgraders against a backdrop of low wage growth,\u201d Dr Powell said.<\/p>\n

\n