Sydney house price surge: Median value hits historic $1.6 million mark

Can’t pay their old homes again. In this quick video, World Wide Campus News & Entertainment as Seven Network Australia Journalist Liam Tapper will be going the discuss about why was the Sydney house price record to surge for too much expensive. #houseprice

The Sydney housing market has reached a critical and historic milestone, with fresh data confirming the median Sydney house price has surged past the $1.6 million mark for the first time, currently sitting at approximately $1.62 million.

This new peak follows a significant and sustained period of growth, with the average home price in Sydney rising by an estimated $91,600 over the past year. This dramatic uplift is being driven by a perfect storm of economic factors:
-Rate Cuts and Buyer Sentiment: The Reserve Bank of Australia’s recent cycle of interest rate cuts has significantly boosted buyer confidence and improved borrowing capacity for many in the market.
-Constrained Supply: Critically, the number of properties advertised for sale remains stubbornly low, failing to keep pace with demand. This imbalance is fueling intense competition among home seekers.
-Government Incentives: The recent expansion of schemes like the First Home Guarantee, which allows first-time buyers to purchase with smaller deposits, has increased activity, particularly in the lower to middle tiers of the market.
-The ‘Bank of Mum and Dad’: Financial assistance from parents is playing a growing role, giving some first-home buyers greater purchasing power and further contributing to the upward pressure on prices.

Experts note that this vigorous market momentum has seen dwelling values climb by an average of 0.6 per cent monthly, with cumulative annual growth well above the long-term average. The rising costs are creating a pronounced gap, with a Sydney house now costing more than twice as much as a median unit.

This record price growth highlights the persistent affordability challenge for many Sydneysiders, creating what some analysts are describing as a two-tiered property market.

From the Instagram user: @liamtapper

Also featuring the Instagram Stories: @sunriseon7

Some visuals provided by Getty Images

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