S Y D N E Y
Zooming into 2023 , this was the first year that Sydney ’ s median house prices grew greater than luxury house prices . Luxury house prices increased 5.9 per cent from 2022 while median prices increased 6.7 per cent . No trend changes were seen in unit market prices with luxury unit price growth at 5.4 per cent and median unit price growth at only 4.2 per cent .
PER CENT PRICE GROWTH FROM 2022 TO 2023 - HOUSE VS UNIT
House
Unit
6.76 % 5.92 %
4.24 %
Median
5.4 %
Luxury
Source : Neoval
Despite such a dramatic increase in prices , Sydney is selling seven times more luxury houses and units now than it was 10 years ago . In 2023 , Sydney sold 1,782 luxury houses and 683 luxury units . Although this is very high , relative to the past 10 years , luxury house transactions still dropped four per cent from 2022 , while luxury unit transactions dropped two per cent . The shape of the trend is similar to that seen in national sales volume , but the drop between 2022 and 2023 was not as steep .
SYDNEY MIRRORS THE TRENDS FOUND IN NATIONAL ; LUXURY EASED IN 2023
$ 1.8M
HOUSE
$ 1.6M
$ 1.4M
$ 1.2M
$ 1M
$ 800K
$ 600K
UNIT
$ 400K
$ 200K
$ 0 2014
2015 2016 2017 2018 2019 2020 2021 2022 2023
Source : Neoval
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