Incredible News! Sydney’s Median House Price Drops From $1M To $995,804

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Published

April 20, 2016

GOOD NEWS, FELLOW POOR PEOPLE!

Have you recently been sobbing, watching Sydney‘s house prices soar further and further beyond your reach? Perhaps from the corner of your cockroach-infested dank hole?

Then boy-oh-fucking-boy, have we got news for you.

The median house price in Sydney has fallen back below $1 million to the much more affordable $995,804.

It’s the first time in five years that the median price has dropped for a second consecutive quarter. It’s a “hangover”, explains Domain Group chief economist Andrew Wilson, from the “party of prices growth” Sydney has experienced over the last three years, putting the housing market into terms Gen Y-ers who will still never own property can understand.

It also looks like the market is going to neither grow nor drop much over the next year (except for a few growth areas like the Lower North Shore), which Wilson says is due to the “de-camping of investors”.

Despite this excellent news for wannabe home-owners everywhere, Sydney is still shitloads more exxy than the rest of Australia. It stretches way ahead of the second most expensive city Melbourne ($729,962), and beats the rest – Canberra ($638,696), Darwin ($610, 305), Perth ($579,914), Brisbane ($512,809), Adelaide ($491,422), and Hobart ($360,212) – by miles.

Cool.