The Property Market from 2021 to 2022
As the end of this challenging year approaches, we reflect on the property market during 2021 and look to the future for upcoming trends.
Each of Australia’s capital cities are slowly recovering from restrictions and lockdowns, and property prices in Sydney continue the upward trajectory that we saw throughout most of the year.
Throughout 2021, Sydney’s median property price increased by 25.2% overall. Apart from a small loss in July of 5.2% overall, property prices increased by 30.4% for houses and 13.6% for units in Sydney. Currently, the median house price in Sydney stands at $1.33 million and is set to reach $1.5 million very soon. This is a significant moment to point how out important it is to buy now and not wait!
Looking at the rental market, at the end of October we saw the strongest quarterly gain since 2008 for houses and 2017 for units. During the pandemic, we all saw the migration of people out of the city and surrounding suburbs as rental prices dropped and vacancies began to rise.
At present, and as we look to the new year, we are seeing a return of Sydneysiders from living with family or in cheaper properties outside of the city. These tenants are once again looking to regain their lifestyle and proximity to entertainment, dining and the CBD. By early next year we expect an increase of between 10 – 20% for rental properties.