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11% in 7 days: Sydney prices soar

By Bianca Dabu
10 June 2021 | 1 minute read
Sydney prices soar

Sydney continues to dominate the housing market, clocking impressive two-digit growth in the week ended 8 June.

Sydney’s median house price increased by 11.8 per cent to $1,524,200 in the week ended 8 June — retaining the crown for the most expensive housing market in Australia — the latest Housing Indexes by SQM Research revealed.

Sydney surpassed both the national and capital city average house price growth, which climbed 1.9 per cent to $684,500 and 7.4 per cent to $1,056,000, respectively.

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According to SQM Research managing director Louis Christopher, strong market conditions are expected to continue with buyers flocking into the market, supported by record-low interest rates.

“With low interest rates set to remain over 2021, and many households awash with cash as the jobless rate continues to fall, we expect to see sustained gains in house prices over the remainder of the year,” he said.

Other capital cities also witnessed house price growth over the week, albeit trailing behind Sydney with a big gap.

Melbourne was in second place with growth of 3.9 per cent, followed by Perth and Canberra with 1.3 per cent and 0.4 of a percentage point, respectively.

In contrast, Hobart saw the largest weekly drop in housing values of 14 per cent, bringing its median house price to $641,600.

House prices also contracted in Darwin, Adelaide and Brisbane by 6 per cent, 2.3 per cent and 0.2 of a percentage point, respectively.

Month-on-month, Melbourne beat out Sydney for the highest house price growth of 1.3 per cent, followed by Brisbane with 0.6 of a percentage point and Darwin with 0.4 of a percentage point. Sydney and Perth saw a lower 0.3 of a percentage point growth, while Adelaide remained stable.

Annually, Hobart emerged as the winner, with house price growth at 12.7 per cent — the only capital city that saw a double-digit increase.

Sydney followed with 9.7 per cent, then Brisbane with 5.6 per cent, Darwin with 4.1 per cent, Adelaide with 3.2 per cent, Melbourne with 2.3 per cent and Perth with 0.9 of a percentage point.

How much do you need?

Depending on which capital city investors choose to buy in, here’s what they can expect to spend and an indication of asking rents:

Sydney
Buy houses: $1,524,200
Buy unit: $663,800
Rent house: $664.2
Rent unit: $452.6

Melbourne
Buy house: $1,061,200
Buy unit: $564,700
Rent house: $505.6
Rent unit: $361

Brisbane
Buy house: $677,300
Buy unit: $388,800
Rent house: $496.4
Rent unit: $387.7

Perth
Buy house: $671,000
Buy unit: $389,100
Rent house: $519.7
Rent unit: $392.3

Adelaide
Buy house: $545,300
Buy unit: $326,200
Rent house: $437.6
Rent unit: $329.4

Canberra
Buy house: $765,100
Buy unit: $481,300
Rent house: $699.8
Rent unit: $496

Darwin
Buy house: $598,800
Buy unit: $385,900
Rent house: $614.6
Rent unit: $421.2

Hobart
Buy house: $641,600
Buy unit: $414,800
Rent house: $486.6
Rent unit: $431

11% in 7 days: Sydney prices soar
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