The price of a Sydney property has gone up more than 40 per cent in two years, as a number of other areas of Sydney’s CBD have seen property prices soar in the last decade.
Key points:In a year-on-year increase, Sydney property prices have more than tripled in just two yearsThe Sydney suburb of Westgate has seen the largest price rise, rising by more than $200,000 in two monthsTo buy a Sydney home, you’d need to spend more than 50 per cent of your incomeThe median Sydney household spends less than 30 per cent on housingThis has happened in just a few places:Westgate has become the most expensive Sydney suburb to buy property, with the median house price jumping by more $1.2 million in just four months.
In 2016, Westgate was ranked No.1 in the country for average house prices in the state.
The suburb saw a significant jump in property prices in just the last two years.
In 2018, the median Sydney house price rose by $2.3 million.
It has been a rough year for home prices in Sydney, with house prices soaring by over $2,000 per person in just three months in 2018.
The median household spent $30,000 on housing in 2018, up from $28,000 last year.
The Sydney-based real estate agent, which works closely with the city’s real estate boards, says the growth in property values has been driven by a number for the city, including the high number of overseas migrants who are settling in Sydney.
Many of the properties are owned by foreign buyers, which have driven up the price of housing in the city.
“In particular, there’s a large number of people who are moving into Sydney in the same way they’re coming to the city,” Mr Brouillette said.
“[They] have to be able to afford to buy in Sydney because of the cost of living, and it’s a big issue in this area.”
He said there had been a number that have left the city to live in Australia, but that they were returning.
For some Sydney residents, this has also meant that many of the new buyers who moved to the state to buy have not been able to find affordable homes in the area.
“It’s a really sad situation because people who live here for the past couple of years and have been here for four years, who have bought a house and are returning, are now looking at buying a bigger house in the Sydney suburb,” Mr Broillette explained.
“The prices in Westgate have increased so much in two to four months that they’ve doubled.
This is a real problem in this city.”
In fact, the average Sydney household spent just $30 on housing last year, up almost $200 from the previous year.
More than 20 per cent more than the national median income, the amount a person needs to live on their income to afford a one-bedroom apartment in Sydney’s inner-city suburbs.
The average cost of a house in Westga will jump by more at $4,066,000, or $9,000 more than a comparable house in Sydney that was built in 2006.
In the next two years alone, Westga has seen an increase of $1 million in median house prices.
As a result, the suburb’s median house value will jump to $4 million.
It is a phenomenon that is not unique to Sydney, but it is happening in a particular area.
The suburbs of Sydney and Melbourne have been particularly affected by the rise in property sales, which has seen prices in these areas soar by more that 20 per,000.
In 2018 and 2019, prices in those areas of the state went up by over a quarter, or more than two and a half times, respectively.
But a number are still paying a price for the increased prices.
In January, the Sydney Morning Herald reported that prices in a number suburbals in Victoria were up by $600,000 or $1,000 a square metre in just one month.
With prices in Melbourne rising by almost three times, this meant that the median home price was $3,400 higher than it was in 2013.
Other suburbs in the region also saw prices rise.
Westgate, for example, saw a whopping $5.9 million rise in median prices in 2019, compared to the $3.4 million the area had previously seen.
The suburb has also seen a rise in the number of foreign buyers in Sydney: a number more than 20,000 people in 2018 compared to less than 5,000 the year before.
Foreign buyers account for more than 80 per cent (about 80,000) of the total number of buyers in the suburb.
Mr Brouilllette said that the increasing number of international buyers was not simply down to a shortage of