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Sydney has cemented its place as one of the world’s most expensive real estate markets, surpassing both New York City and Paris in property prices. As of December 2023, the median house price in Sydney reached $1,595,310, maintaining its status as Australia’s priciest housing market. This price surge has made Sydney’s housing market a significant focal point for investors and residents alike.
In 2021, Sydney boasted 1.83 million dwellings, with a substantial portion being detached houses, which made up 54% of the city’s housing stock. Semi-detached terrace houses accounted for 13%, while apartments and units represented 33%. The city’s housing landscape is diverse, with terrace houses predominating in inner-city areas like Paddington, The Rocks, and Potts Point, while detached houses dominate the outer suburbs, particularly in regions such as Kellyville Ridge and Bella Vista.
Over the years, Sydney has experienced a noticeable trend towards denser housing development. From 1996 to 2006, the number of apartments increased by 30%, a shift driven by both environmental and economic pressures. Public housing, managed by the Government of New South Wales, plays a role in meeting housing demand, with suburbs like Claymore, Macquarie Fields, and Mount Druitt hosting large concentrations of public housing.
Sydney's real estate is not only notable for its high prices but also for its architectural diversity. The city features a range of heritage housing styles, including Victorian-era mansions in suburbs like Double Bay and Strathfield, Federation homes built around the turn of the 20th century in areas like Penshurst and Turramurra, and California bungalows common in suburbs such as Ashfield and Concord. Workers' cottages, often seen in areas like Surry Hills and Redfern, remain part of Sydney’s historical fabric, despite ongoing gentrification efforts.
As Sydney continues to grow and evolve, the real estate market will likely remain a hot topic, with property prices climbing and the demand for housing intensifying across both heritage and modern housing types. The city's housing market continues to reflect the broader pressures of urbanization, with increasing calls for more affordable housing solutions in the face of soaring prices.