Sydneysiders are now ‘earning’ more money through their houses, than their jobs as Harbour City property values hit new highs.
According to the latest real estate values data released on Wednesday, Sydney house prices have grown an average of $89,300 over the past 12 months.
That figure supersedes the average annual Australian salary of $88,400.
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Sydney property prices have hit a new high. Source: PropTrack
PropTrack’s latest Home Price Index figures have revealed Sydney property prices reached a fresh peak in September to register a new record median house price of $1.602m.
Sydney units have also registered a new record median value of $868,000, on the back of annual growth through September of $33,600.
Sydney’s record median house price of $1.602m, is well ahead of Australia’s other major capital city averages in Melbourne ($999,000), Brisbane ($1,099m) and Adelaide ($933,000).
Despite Sydney’s reign as Australia’s capital of the most expensive real estate continuing, the Harbour City has fallen behind other metropolitan areas in terms of price growth.
Sydney’s annual price growth through September in all dwellings (both units and houses) was 5.11 per cent, well behind Darwin’s price growth of 11.44 per cent, Brisbane’s rise of 10.23 per cent, Perth’s 9.81 per cent, Adelaide’s 8.61 per cent, and even Hobart’s rise of 5.22 per cent.
Only Melbourne experienced slower price growth than Sydney, with dwelling values rising just 3.35 per cent over the 12 month period.
BIG CHANGES COMING IN SYDNEY
However the current status quo isn’t expected to last long, with Sydney predicted to lead a new property boom in 2026, with Melbourne following close behind.
Property experts are forecasting a myriad of factors to apply an upward pressure to prices in the new year.
Source: PropTrack
REA Group senior economist Eleanor Creagh said the combination of increased borrowing capacities and lower borrowing costs, stronger buyer confidence and renewed competition is underpinning a broad uplift, while momentum is shifting.
“Price growth in Sydney and Melbourne is re-accelerating, Hobart is rebounding, and Darwin is leading annual gains amid surging investor activity,” she said on the back of the latest figures.
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REA Group senior economist Eleanor Creagh says a new real estate boom is coming.
“Although national growth has accelerated in 2025, it remains below long-run average with stretched affordability leaving limited room for prices to surge at the 20 to 30 per cent pace of previous booms.”
The PropTrack data shows over the last five years home prices in Sydney have lifted 42.2 per cent.
Regional NSW home prices also hit a new peak growing 0.6 per cent in September to sit 5.1 per cent higher year over year.
Many property experts are expecting the expansion of the Home Guarantee Scheme will see a further upward pressure on prices in the coming months.
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