Weekly Economic Update

The median dropped by just over $530,000, the biggest fall of any suburb in Australia. Similar falls were seen across many of Australia’s most expensive suburbs with the biggest drops being experienced in Sydney’s premium suburbs.

Australian house prices are now in recovery, having increased by 1.9 per cent since the start of the year. Sydney saw the biggest decline in median prices in 2022 and is now leading the charge for price growth with this city’s median now up 4.1 per cent over the same period. The suburbs seeing the biggest increases in Australia are mainly in Sydney and are dominated by the same places that saw the biggest declines. Mosman dropped by $530,000 last year but is already up $172,000 this year. If this growth continues, Mosman’s median will be back to its peak by the second half of this year.While Sydney’s most expensive suburbs dominate the list of top growth suburbs, there are two outliers. South Canberra has seen an increase of $100,000 this year, while the regional NSW town of Dural is up a similar amount. Premium markets led the 2022 downturn and are now leading the way out of it in 2023.