When the chief economist of one of Australia’s largest real estate players says entering Sydney’s property market is more or less impossible, it’s enough to make you lose your brunch.
Dr Andrew Wilson, lead boffin behind property powerhouse Domain, said investors have spurred property prices in the city to a point where it’s only possible to buy a house if you’ve already got a few to spare.
The median house price now sits at a soul-crushing $1,068,303, cheers to a 2.7% increase over that quarter. What’s more: prices are predicted to climb even further.
Domain itself crunched the numbers this week to tell ya what it’ll take to meet those guidelines.
Photo: Brendon Thorne / Getty.