Average house price over $1 mill now in NSW

Crazy stat.

The Value of Australian Housing Soars with NSW Homes Now Over $1 Million

 

Oooooh!!!! I'm a multi-minionaire




Edit... Dang dyslexia

 

Long term, don’t bet against Sydney houses.

https://www.propertyology.com.au/everyone-can-learn-from-sydneys-30-year-property-market-history/

Article March 2019.
“Good as guaranteed”….

 

Yeah, right. Millenials can't wait a decade for growth, they'll find a way to bump it along.

 

All good……they have inheritance

 

Unfortunately a great number of them seem to have only inherited learned helplessness.

 

Their inheritance will be easily fleeced.
As they say the money goes from those who have it to those with experience.
And for just a few bux they can save the world. Would'nt you?

 

This is an interesting read, probably could start a new thread on this topic

Generational wealth transfers will affect all investors

 

I am teaching my children how to fish, no guarantees here.???

 

But what is the median?
That often gives a better overall picture.

 

My thoughts exactly - a couple of $6+mil sales in a suburb can skew the whole average upwards

 

No idea. But I would say there’s a lot of rural and regional homes being sold for well under a million. So the top end (upper 10% of home sales perhaps?) really skews the average upwards compared to the median

 

Prices around Bright (Vic) can be in that range.

One thing to consider about the NSW or Victorian average price is that the vast majority of the sales are suburban, almost to the point where you could ignore the regional sales which will drag the Sydney or Melbourne averages down. .

 

Do you have this breakdown? I’d love to see it.

 

Nah, just pulling numbers from you know where.

 

@Gockie the numbers have come from here ie ABS.

The analysis is for the 8 capital cities then it jumps to state average with no justification.

My assumption above is based on the bulk of sales activity being transacted in the cities (& on higher property values).

 

House sales NSW from ABS. It's about 50% Sydney and 50% the rest, so it's not really dominated by Sydney suburbia . From data series file table 4 and 5. Not going to analyse strata properties, they are in other columns if anybody is interested.

Column AF and AG of file 641604, sheet called "Data1"



The file used:

 

I hadn't dig thru the stats but.... Looking St the most recent quarter, rest of nsw is >> than Sydney, so if the rest of the state is excluded, then the Sydney average would be much higher.

 

Yep. Maybe the rest of NSW has reasonably high houses prices too.... or a lot of the sales are coastal city sales, not so much inland. Just my guess.

 

The median house price in NSW clearly won't be anywhere near 1 mill though. Data in these columns shows the medians for Sydney and rest of NSW in the following column. Interesting that rest of NSW figures appear to be near to 50% of Sydney's in these time periods, give or take. As a broad rule of thumb, it seems reasonable using this data. Off that basis, regionals recently seem stronger than the city. I wonder if that will continue, or will they drop back a bit?