Sydney’s housing market is expensive, especially when compared to Australia’s other capital cities.
Nothing quite rams home that point than this chart from CoreLogic.
As at the end of October, the median dwelling price in the harbour city stood at $905,917, easily topping second-placed Melbourne at $710,420. It’s also around double the median level for Australia’s other capital cities.
Put another way, for the cost of a median-priced dwelling in Sydney, you could buy two median-priced dwellings in most other capitals.
At $563,459, the cheapest 10% of Sydney dwellings are even more expensive than the median dwelling price of all other capitals, aside from Melbourne and Canberra.
At the other end of the spectrum, at $1,936,633, the 10% most expensive dwellings in Sydney are also double the cost of similar high-end properties in all other capitals, except Melbourne.
While there are obvious benefits for living in Australia’s largest city — job opportunities, the social life and it’s natural beauty just to name three — it also helps explain why an increasing number of established residents are choosing to leave New South Wales in favour of other parts of the country.