Thomas Skelly LREA Reviewed on RateMyAgent

Sydney's median house price has reached a record high of $1.65 million, but the pace of growth has slowed in recent months due to rising interest rates and affordability issues. While house prices continue to rise, unit prices are increasing at a faster rate as buyers seek more affordable options. This shift towards units is particularly evident in more affordable areas of the city, such as the outer south-west, where prices have surged by 12.5%. Experts attribute this change in market dynamics to affordability pressures and the impact of higher interest rates on buyer and seller behavior.