Home Price Index breakdown: Property values in NSW right now

November 2024

Home values in Sydney have grown by a modest 0.08% over November, taking the median price in Australia’s most expensive capital to $1.112 million, according to PropTrack's latest Home Price Index. 

Year-to-date, prices are now up 4.28% and 4.55% higher than in November 2023. 

Price growth has started to slow, as a result of more stock coming onto the market.

“A surge in new listings throughout the spring selling season has seen price growth in Sydney levelling out,” REA Group senior economist Eleanor Creagh pointed out.

This four-bedroom house for sale in Forestville on Sydney's Northern Beaches has a guide price of $2,550,000. Picture: realestate.com.au

The slowdown in growth has happened nationally, even though housing demand has remained resilient amid the higher cost of living pressures.

The surge in properties on the market is offering buyers more choice, and reducing their sense of urgency to lock in a sale, Ms Creagh said.

“While the increase in properties hitting the market in Sydney this year has been met with strong demand, greater stock for sale has been a contributor to the sharp slowing of price growth, along with affordability constraints and the sustained higher interest rate environment,” she added.

In regional NSW, prices grew 0.33% over the month and have risen 3.95% since November 2023. A home in regional NSW can be snapped up for a median price of $732,000, which is the highest of Australia’s regional areas.

October 2024

The fortunes of homeowners in Australia’s most expensive capital city improved slightly in October, with prices growing 0.19% over the month to a new peak, with the median price at $1.108 million, according to PropTrack's latest Home Price Index. 

Year-on-year, dwelling prices have jumped 4.51%, and are 5.04% higher than they were in October 2023.

Even though Sydney’s price growth reaccelerated in October, the pace of growth has been slower than earlier in the year.

This is partly because more homes have become available, providing greater choice for buyers, REA Group senior economist Eleanor Creagh says. 

This five-bedroom house for sale in Ryde in Sydney's north west has an auction guide price of $2,700,000. Picture: realestate.com.au

“The increase in properties hitting the market in Sydney this year has been met with strong demand, but is a contributor to slowing price growth, along with affordability constraints and sustained high interest rates,” she says.

Sydney median values are 39.1% above their pre-pandemic level in March 2020.

In regional NSW, dwelling prices went up 0.23% in October to reach a new peak, with the median now sitting at $728,000. Over the year, prices surged 3.31%.

Regional NSW median dwelling prices are the highest in regional Australia, outperforming regional Queensland ($703,000), regional Victoria ($573,000) and regional WA ($543,000).