The Greater Sydney median house price at June 2018 was $1,103,500, representing a 7.6% decline on a year earlier.
The downturn in Sydney prices is expected to continue, with the report predicting house prices to fall by 2 per cent over the next financial year, before they start rising again.
Sydney prices are expected to rise just 3 per cent by 2021, the slowest out of every Australian capital city.
BIS predicts Sydney’s median will fall by 2 per cent in the next financial year (2018/19), but an undersupply of dwellings will prevent larger price falls.
“By 2019/20, a combination of the correction in prices, the undersupplied market and some improvement in the economic outlook is forecast to see prices stabilise, and potentially show modest rises into 2020/21.”
Median house price in June 2018: $1.12 million
Forecast median house price June 2021: $1,150,000
Growth 2018 to 2021: 3%
Sydney unit market
The median unit price has fallen 4.7% in the year to June 2018, compared to a 7.6% fall in the median house price.
Sydney’s median unit price is expected to reach $745,000 by June 2021 – around 7.6% lower than June 2017 levels.
Breakdown by area:
The downturn in Sydney prices is expected to continue, with the report predicting house prices to fall by 2 per cent over the next financial year, before they start rising again.
Sydney prices are expected to rise just 3 per cent by 2021, the slowest out of every Australian capital city.
BIS predicts Sydney’s median will fall by 2 per cent in the next financial year (2018/19), but an undersupply of dwellings will prevent larger price falls.
“By 2019/20, a combination of the correction in prices, the undersupplied market and some improvement in the economic outlook is forecast to see prices stabilise, and potentially show modest rises into 2020/21.”
Median house price in June 2018: $1.12 million
Forecast median house price June 2021: $1,150,000
Growth 2018 to 2021: 3%
Sydney unit market
The median unit price has fallen 4.7% in the year to June 2018, compared to a 7.6% fall in the median house price.
Sydney’s median unit price is expected to reach $745,000 by June 2021 – around 7.6% lower than June 2017 levels.
Breakdown by area:
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