Sydney is a city of housing millionaires and housing paupers.
Take a look at the following table from PropTrack showing median dwelling values across Australia:
As you can see, Sydney’s median dwelling price soared to an extraordinary $1,107,000 as of 30 June, led by detached houses valued at a whopping $1,428,000.
Sydney’s dwelling values tower above those of the rest of Australia’s capital cities. As of 30 June, the median value was $855,000, with detached houses valued at $960,000.
The 2021 Census showed that only 61.1% of homes in Sydney were owned outright or with a mortgage, down 1.1 percentage points since 2016.
Sydney’s homeownership rate compared poorly with the national average of 66% in 2021.
At the same time as Sydney’s home values have rocketed, especially detached houses, the cost of renting has soared, negatively impacting nearly 40% of the city’s residents:
This has driven a massive wedge between the welfare of homeowners and renters in Sydney.
The housing situation in Sydney is unlikely to improve, given that the city is projected to transform into a high-rise, Asian-style city over the next 33 years.
As a result, only the old and wealthy will own a detached house with a backyard.
No wonder young families are fleeing Sydney, replaced by unprecedented volumes of international migrants.
