Sydney House Prices Set to Soar Amid Population Surge | Stellar Finance Group
Domain has predicted that Sydney house prices will grow between 6-9% by the end of June next year. If this forecast pans out, Sydney’s median price will reach a new record high, ranging between $1.62 million and $1.66 million. For context, the previous high was $1.59 million in March 2022. Unit prices are expected to see more modest growth of 2-5%. Domain’s research chief, Dr. Nicola Powell, says that population pressure will drive housing demand and push property prices higher. Sydney is set to be the outperformer with the strongest rate of growth, but various dynamics will be at play, with both push and pull factors potentially having very different impacts. However, the biggest factors are the continuing lack of housing supply in the market and the rising population, particularly due to the increase in migrant numbers to address the skills shortage.
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