Chris O'Connor

Ever thought of moving to Australia? In particular Sydney. Well if you have you had better put aside some of that precious money you have. Why? The median house price in Sydney increased by around $1,100 (576 pounds) a day last year,to more than 841,096.00 pounds.

That is a rise of 210,345 pounds in one year! And I’ll tell you later it is not worth it……but I’m crying in my tea a bit. Back in 2000 I had a two bedroom unit in Sydney which cost me 170,854.12 pounds. Imagine if I had held on to it.

Ironically Covid has had a hand in ripping up theses prices, apparently through the pandemic we’re spending more time in our homes and using them very differently, and that’s driven home owners to upgrade. It’s bad news for aspiring purchasers, who are also contending with sluggish wage growth. And it is not just Sydney where prices have soared, take a look at this:

CityMedian house priceAnnual growth
Sydney$1,601,46733.1%
Melbourne$1,101,61218.6%
Brisbane$792,06525.7%
Adelaide $731,54727.5%
Canberra$1,178,36436.6%
Perth$752,1107.5%
Hobart$752,11034.6%
Darwin$645,48725.2%

House prices in Sydney have grown four times faster than units, and this is something we’ve seen across most of our capital city markets.

The good news for buyers is that the market could finally be losing some of its relentless momentum.

According to the experts, data indicates that Sydney’s monthly growth rate is reducing, and the market may peak in 2022. An increase in housing stock across the city is likely to take steam out of demand, and a potential interest rate hike could slow growth.

With that buyers now have more choice and it means that sellers need to be a little more realistic on pricing..

Regional house prices are also at record highs. Which will be good for my son when I pop off the perch and he inherits my home.

During the last quarter, regional prices outperformed that of the combined capital cities for the first time since the end of 2020.

At $1.7 million, the median house price in Byron Bay is higher than Sydney, and nearly 50 per cent more than what it was a year ago. Mind you Byron Bay is an amazing place (have a look at the beaches on Google maps if you have the time) that 50 years ago was loved by the Hippie generation but is now where the movie stars from around the world live when they visit Oz.The marijuana smokers have been forced out by simple mathematics.

 Now if you were for some insane reason thinking of coming to Sydney and living there I wouldn’t bother. You  may have seen promotional images of Sydney and the magnificent harbour where Captain Cook came and laid claim to the land but the reality is Sydney is just another city. It is overcrowded, ridiculous expensive (not including the home) and forget the beaches, While they may be beautifully white and sandy and the perfect place to swim and get a tan you’ll have to share them with thousands of other people.

There are better beaches in Adelaide near where I live and also Perth and Darwin. Mind you in Darwin there is always the fear that a crocodile is lurking in the water. I love this country and wouldn’t come back to live in Blighty for quids but at the same time I’m glad I no longer live in Sydney.