Home
Home Loans
News
These are the median house and unit prices in Sydney and its regions

These are the median house and unit prices in Sydney and its regions

09 Aug, 2023 - 4 min read

These are the median house and unit prices in Sydney and its regions

Whether you’re considering purchasing your first home in Sydney or looking to nab another investment property, it’s crucial you familiarise yourself with the housing market before you take the plunge.

As part of your research, it is worthwhile knowing median house and unit prices for Sydney in general, and the areas the property is in. This allows you to know where properties sit on the scale of affordable to overpriced, and helps you better understand your budget.

According to the latest CoreLogic Home Value Index, released in August 2023:

The median price of a house in Sydney now sits at $1,333,985
The median price of a unit in Sydney now sits at $817,059

Median dwelling prices in Sydney

Type of dwelling	Median price 31-July-23	Median price 31-July-22
Houses	$1,333,985	$1,346,193
Units	$817,059	$806,310

Source: CoreLogic Home Value Index - 1 August 2023 versus 1 August 2022.

Despite twelve increases to the cash rate by the Reserve Bank of Australia since April 2022, the housing market and property prices have not fallen in tandem.

The ABC recently reported that the property market was “defying gravity”. Property values are currently on the rise following a dip in late 2022, that occurred after an unprecedented, pandemic-related sharp increase in values.

This makes it challenging for anyone to accurately predict when is the best moment to capitalise on a bargain and purchase a home - particularly in Australia’s most expensive city for property.

Northern Beaches to the Western Suburbs: The cost of different Sydney suburbs

If you’re considering purchasing property in, say, Richmond you may find that prices are more affordable than ‘blue chip’ suburbs, such as those in the Eastern Suburbs and the Northern Beaches.

Depending on your needs and the purpose of your property purchase, this is why most experts recommend that first home buyers get a foot on the property ladder through more affordable areas outside of the coastline of Sydney.

The latest Domain House Price Report allows you to search for the median prices of houses and units in each suburb. To see how your suburb, or a suburb you're interested in ranks, please check out the Domain House Price Report.

Greater Sydney median house price by suburb – June 2023

Houses	Median	YoY	5-YR
Aberglasslyn	$727,500	+2.5%	+56.5%
Adamstown	$920,000	-2.6%	+32.4%
Adamstown Heights	$1,025,000	+1.5%	+36.7%
Albion Park	$825,000	+5.9%	+35.2%
Albion Park Rail	$727,500	-0.3%	+31.1%
Albury	$837,000	+7.7%	+65.7%
Alexandria	$1,732,500	-14.5%	+3.3%
Allambie Heights	$2,200,000	-16.2%	+28.1%
Alstonville	$857,500	-3.9%	+53.1%
Ambarvale	$740,000	-1.3%	+27.1%

Source: Domain

Greater Sydney median unit price by region – June 2023

Units	Median	YoY	5-YR
Alexandria	$880,000	-1.1%	+14.7%
Arncliffe	$697,500	-1.5%	+1.1%
Artarmon	$920,000	-9.0%	-3.0%
Ashfield	$702,500	-5.1%	+0.4%
Asquith	$675,000	+0.1%	NaN%
Auburn	$491,888	-6.3%	-11.7%
Balgowlah	$1,185,000	-6.3%	+6.8%
Ballina	$775,000	+14.8%	+36.0%
Balmain	$1,242,500	-0.6%	+11.4%
Bankstown	$480,000	-6.6%	-8.6%

Source: Domain

As of July 1 2023, the Labor government will increase the value of property that qualifies for:

First home buyer stamp duty exemptions to $850,000
First home buyer stamp duty concessions to $1,500,000

This means that there may be few suburbs in close proximity to Sydney’s CBD with median price that allows first home buyers to qualify for total stamp duty exemption.

If you’re hoping to achieve the Great Australian Dream and purchase a house for your growing family, for example, you may find that your budget could go further in outer areas. While there is more to choosing a property than avoiding stamp duty, first home buyers may want to keep this in mind as this tax can climb into the tens of thousands of dollars range.

Get a free property estimate today

Buying or selling? Learn the value of your home or a property you're looking to purchase.

Get my free estimate

*Instant Report, Obligation Free

Compare home loans in Australia

Product database updated 19 Apr, 2024

This article was reviewed by Personal Finance Editor Peter Terlato before it was published as part of RateCity's Fact Check process.

Alex Ritchie

Personal Finance Editor

Alex Ritchie is a Personal Finance Writer and Editor at RateCity, and has been writing about Australian finance for over six years. Her expertise and passion covers loans, credit, superannuation, and closing the gender pay gap, and she aims to help young Aussies to overcome their financial apathy. Alongside RateCity, Alex has been published in numerous publications, including Australia's Money Magazine, Business Insider, Lifehacker Australia, and in health via NPS MedicineWise.