Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Thursday, 20 July 2017

Sydney unit prices & rents accelerate

Rents & prices rise

Sydney's median house price rose by +1.6 per cent to a record high of $1,178,417 in the June 2017 quarter, according to Domain Group's latest release.

Apartment prices rose much faster, up by a ripping +3.2 per cent to a fresh record high of $757,991, as affordability bites on the detached housing market.

The median apartment price has increased from $359,853 in March 2007. 

Unit rents also jumped from $530/week to $550/week, to now match the median rental for a house in the harbour city.

Over the same period house rents have only increased by +10 per cent to $550/week.

Although this may seem illogical, generally speaking more units are located close to the city than houses. 

Sydney's apartment rents have surged +22 per cent higher from $450/week in March 2012. 

There's a rather different dynamic underway in Brisbane's new apartment market, as I discussed with Domain here (or click image below).