Everyone knows that Sydney property prices are stupidly high.
You'd think that a global pandemic would take some of the heat out the Harbour City's blazingly hot market. Indeed, one of the biggest trends in Australian property has been city slickers trying to escape The Spicy Cough by moving to regional areas – if you're going to work from home, better to have a bigger house out in the sticks.
But property price rises in regional New South Wales and the rest of Australia haven't caused any relief of metropolitan Sydney property prices. Far from it, as recent data relates.
The median Sydney house price has jumped by 8.2% to $1,410,133 in the last quarter, the latest Domain House Price Report reveals. That's a rise of more than $1,200 a day.
Naturally, this depressing data has caught the ire of Redditors on /r/sydney, who are bemoaning the fact that Australia's biggest city is increasingly becoming impossible to own a home in.
"At what point do you turn your back on Sydney? The cost/benefit of living in Melbourne was no longer worth it for me, so I recently cashed in & moved to the sticks. Much happier," a Victorian commenter relates.
[caption id="attachment_297522" align="alignnone" width="920"]
Darling Street, Balmain in Sydney's Inner West. Balmain, once a very working-class suburb, now has a median house price of $2,140,000 for houses to $1,137,500 for units (source: realestate.com.au).[/caption]
Two commenters' takes really stand out, and perfectly demonstrate the inanity of the Sydney property market in 2021:
"My dad keeps saying 'I only made 20k a year back then so you should have been able to buy something by now'. My mum keeps insisting that I buy near them so they can help out when I have kids. I told him to do the math..."
"The 2 bedroom apartment he bought was 120k in 1993, in Dee Why. He made 20k and my mum made 20k so really the apartment is 3x their annual salary. Today, that same old apartment is worth 850k. I make 55k, and guess what? it's 15x my salary. A new 2 bedroom apartment in Dee Why is 1.2m, 20x my salary. A house in Dee Why is around 2.5m... 45x my salary."
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"They're gonna have to accept that they'll need to travel to Campbelltown to visit me because that's looking like my only option for a house..."
Makes me sick hearing real estate types talk on ABC Radio about how great house price rises of ≈ 20% are.
Image if the cost of food, water, electricity, education, petrol or insurance premiums (etc) had all gone up 20% over the past year? pic.twitter.com/Ugf4aBmyxC
— Ryan Sheales (@RyanSheales) July 27, 2021
Another Redditor really hits the nail on the head:
"If you going with the narrative from /r/ausfinance that this growth rate is 'logical', 'normal' and 'sustainable' then using a quick compound calculator at a modest rate of 15% per annum, the house price will be x6 in 10 years and x20 in 20 years."
"At that growth rate, unless you [have] already bought a home by now, there is no chance your children buying anything."
"And why invest in anything else? Why start your own business with so many associated risks when there is a 'fail-proof', 'safe' and 'sustainable' [option] like the property market here in Sydney," they sarcastically conclude.
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[caption id="attachment_297523" align="alignnone" width="920"]
Bidders compete for space at an auction in New Farm, Brisbane. Queensland's biggest city has avoided much of the property madness that's taken hold of Sydney and Melbourne, but that might be set to change. Image: Place Estate Agents[/caption]
That's not to say Sydney's the only city with property price woes. The same Domain report shows that the median Brisbane house price rose by 13% to $678,236, and the median Melbourne house price rose by a whopping 16.2% to $1,022,927.
Instead of buying property, maybe we should just spend our big bucks on a luxury SUV and live in that instead, like this enterprising American is doing with his Porsche...
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