By BEAU ROBINSON
According to the latest figures released by the ABS, Sydney house prices have jumped by 21.5 per cent over the past year.
In the June quarter the Sydney’s House Price Index (HPI) rose 9.8 per cent. This has been the largest quarterly increase since the ABS started the series in 2002.
Overall, Sydney’s Residential Property Price Index (RPPI) – which takes into account houses and apartments – was up 8.9 per cent for the quarter and 18.9 per cent over the year to June.
Sam Lloyd-Green who moved to Sydney from Bathurst following school and has called Manly home for the last 10 years is unsure what he will do when the time comes to settle down.
“My mum and grandma have both moved here from Bathurst, I’ve got a girlfriend from the Northern beaches and I’ve made plenty of mates here but Manly is so expensive”.
It’s a tough decision for a lot of people who are looking to build families in Sydney, with prices in attractive suburbs making it near impossible for first time homeowners to get into the market.
This is definitely a factor that Mr Lloyd-Green has had to consider as he nears the time to get into his own property.
“Northern beaches is so expensive, I grew up in a house with a backyard in Bathurst. I’m not sure I’m willing to, when the time comes, have to bring my children up in a unit just to stay in Sydney”.
Matthew Taber is in an even more perplexed situation. Mr Taber has grown up in Sydney his whole life having been born here and going to school here yet a future in Sydney seems unlikely for him and his girlfriend Nicole. They believe they aren’t far off settling down but can’t see it being in Sydney.
“We will probably end up in either Orange or Newcastle. We have been doing some research and like those areas. We want a 4 bedroom house and the prices in those 2 places are very reasonable”.
Mr Taber grew up in Annandale, which is just 6 kilometres to the Sydney CBD. He has been there his life and remembers when it was renowned as a bit of a ‘grungy’ suburb. He would love to stay there but the suburbs transformations has been unbelievable.
“The inner west was always regarded as a blue collar area and a real working class suburb. It’s changed so much in the last 10 years. Now every second car driving around here is a Range Rover”.
Will this mean a further influx of generation X and Y to interstate capitals such as Brisbane, Canberra or Adelaide to start their family homes? Or a tree change to cities such as Orange, Bathurst and Newcastle to find their ‘backyard’?
One thing’s for sure something or someone will have to change as those that have grown up their whole life in Sydney and have the dream of raising their kids in Sydney, becomes less likely with time as Sydney house prices continue to climb.