Sydney’s shock $2.2m median home price forecast
Sydneysiders would be forking out more than $2.2m for the average house by the end of next year if prices had continued to grow at pandemic levels, modelling shows.
Ray White data shows if property prices continued growing at this rate, the national median would rise to $1m by December 2023, while Sydney’s median would come close to doubling its current value of $1.38m to a new median of $2.2m.Prices have fallen 1.4 per cent over the past six months in Sydney, bringing the extreme growth seen during Covid to an end.
“The market isn’t free falling and we are continuing to move into a much more normal market than what we have experienced over the past two years,” Ms Conisbee said.She said the slowdown would come as “a relief to most” as housing affordability continued to rank low in global standards.“Many first home buyers feel increasingly locked out of the housing market, particularly those that can’t rely on help from family.
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