The median Sydney house now costs $1.66 million, but some premium neighbourhoods haven’t been able to keep up.
Sydney house prices have reached a fresh record, hitting a median of $1.66 million despite interest rates staying high for longer.
That was followed by the northern beaches, dropping 3 per cent to a median of $2.57 million, and the region of North Sydney and Hornsby, down 2.7 per cent to $2.92 million. Powell said it would take multiple rate cuts to jump-start the property market again as the current cash rate was undoubtedly weighing it down.
Ray White NSW chief executive Tim Snell said Sydney’s unit market was falling due to hampered first home buyer budgets and investors selling out to save their family home, while more apartments were being built.
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