Home Price Index breakdown: Property values in NSW right now

October 2024

The fortunes of homeowners in Australia’s most expensive capital city improved slightly in October, with prices growing 0.19% over the month to a new peak, with the median price at $1.108 million, according to PropTrack's latest Home Price Index. 

Year-on-year, dwelling prices have jumped 4.51%, and are 5.04% higher than they were in October 2023.

Even though Sydney’s price growth reaccelerated in October, the pace of growth has been slower than earlier in the year.

This is partly because more homes have become available, providing greater choice for buyers, REA Group senior economist Eleanor Creagh says. 

This five-bedroom house for sale in Ryde in Sydney's north west has an auction guide price of $2,700,000. Picture: realestate.com.au

“The increase in properties hitting the market in Sydney this year has been met with strong demand, but is a contributor to slowing price growth, along with affordability constraints and sustained high interest rates,” she says.

Sydney median values are 39.1% above their pre-pandemic level in March 2020.

In regional NSW, dwelling prices went up 0.23% in October to reach a new peak, with the median now sitting at $728,000. Over the year, prices surged 3.31%.

Regional NSW median dwelling prices are the highest in regional Australia, outperforming regional Queensland ($703,000), regional Victoria ($573,000) and regional WA ($543,000).