It’s official: Sydney median house prices have skyrocketed to $1 million for the first time.
The latest figures show growth rates rising north of 22% over the last 12 months and concerns are spreading of a housing affordability crisis. So what is causing the steep incline in price?
Experts have carved out 6 key driving factors:
- Low mortgage rates
- Imbalance of local supply and demand
- A strong local economy
- High levels of migration
- Undersupply of housing
- Record levels of investment
Sydney prices are miles ahead of other major Australian cities, with Melbourne houses the next most expensive at $668,030 and Brisbane, Adelaide and Hobart all under half the Sydney price.
There is a sense of helplessness for many Sydneysiders who are being forced to move away from family support networks, employment opportunities, public transport options – and have been forced to the fringes of society.
While Sydney leads the pack, some capitals, notably Perth, are seeing house prices deflate. In Western Australia, the conclusion of the mining boom is seeing rapidly declining population growth, smaller rents and now falling house and unit prices.
The team at Conroy understands the struggle that families, couples, young professionals and hardworking people face with their accomodation needs in Australias premier city. So if your planning on moving away from the extortionate prices to cheaper suburbs or to the other side of the country for a new start, we want to help make your move that much easier!
Have you thought about escaping the housing madness in Sydney for cheaper rent in Western Australia?
Are there better work and lifestyle options waiting for you in other parts unexplored?
Have you seen how far your money can go for buying your first home in Brisbane or Adelaide?
If these wandering thoughts have crossed your mind, then the team at Conroy can help you move ahead in life to better financial and housing freedom.
When you’ve got more important fish to fry its crucial that your prized possessions are moved safely and efficiently – and that is the Conroy promise to all our customers!