Sydney In Price League Of Its OwnPosted on 21/04/2017
The price divide between Sydney and the rest of Australia is demonstrated by the latest data from Domain.
The research entity’s report on prices and growth for the March 2017 Quarter shows a particularly stark variance with values for apartments.
Domain records a median apartment price for Sydney of $718,000. The next highest is the $494,000 in Melbourne, followed by $402,000 in Canberra.
Four of the capital cities have median apartment prices in $300,000s and Hobart’s median is $294,000.
Based on these numbers, Melbourne units cost two-thirds those in Sydney, while values in Brisbane, Adelaide, Perth and Darwin are roughly half those in our most expensive city.
It’s a similar scenario with house prices, where Sydney is credited with a median of $1.15 million.
The house medians for Brisbane, Adelaide and Perth are less than half that of Sydney, while Hobart values are one-third of Sydney’s.
Other recent research from the Urban Land Development Institute indicates that residential land prices in Sydney are double those in Melbourne.
These results, generally in line with those from other research sources, expose the inaccuracy and/or dishonesty of politicians and media commentators who quote Sydney prices to support claims of a “national affordability crisis”.