There has been much speculation and hype in recent months about whether the current housing boom experienced in Sydney and greater NSW can continue into the foreseeable future. When you consider Sydney’s median house price (across the metropolitan area) has increased in excess of $500,000 over the last five years, the question remains can this ‘boom’ continue?
So just to be clear, let’s look at the difference between what defines the median house price versus the average house price.
The median house price refers to the middle of a range of numbers from lowest to highest, whereas the average house price adds all properties in a list and divides by the number of properties within that list. For example if 11 properties were sold, then the median price would be the price of the 6th property sold from lowest to highest. By way of contrast, the average house price would be the combined value of the 11 properties sold divided by 11.
So when we look at median house prices at a national, state or suburb level, you will always have houses that are above the median value and of course houses that are below the median value. Whilst the data provides an indication of house prices in your suburb or area, you need to be aware of how your property compares to those properties around you.
The team at Urban Greenfield have compiled a list of estimated median house prices in Sydney’s North West and Central West NSW. Take a look at what your estimated median house price will be by March 2018. Data courtesy of CoreLogic.
Sydney North West Suburbs | Estimated Median Price – 31 March 2018 |
Annangrove | $3,196,331 |
Kenthurst | $2,773,982 |
Oakville | $2,251,270 |
Arcadia | $2,021,286 |
Windsor Downs | $1,934,364 |
Bella Vista | $1,866,029 |
Dural | $1,728,600 |
Castle Hill | $1,719,646 |
Glenhaven | $1,673,632 |
Pitt Town | $1,408,850 |
Glenorie | $1,383,046 |
Kellyville | $1,263,652 |
Beaumont Hills | $1,247,773 |
Baulkham Hills | $1,236,753 |
Rouse Hill | $1,140,760 |
Glenwood | $1,089,643 |
The Ponds | $1,067,151 |
Kellyville Ridge | $1,063,696 |
Colebee | $1,040,406 |
Wilberforce | $992,061 |
Kings Langley | $982,450 |
Stanhope Gardens | $973,308 |
Parklea | $941,155 |
Acacia Gardens | $921,421 |
Schofields | $886,666 |
Quakers Hill | $820,588 |
Marsden Park | $805,391 |
Riverstone | $788,253 |
McGraths Hill | $784,540 |
Marayong | $765,909 |
Windsor | $709,111 |
Bligh Park | $705,681 |
Shalvey | $562,836 |
Berkshire Park | Data not reliable |
Cattai | Data not reliable |
Maraylya | Data not reliable |
Nelson | Data not reliable |
Scheyville | Data not reliable |
Shanes Park | Data not reliable |
Vineyard | Data not reliable |
Central West NSW Suburbs | Estimated Median Price – 31 March 2018 |
Millthorpe | $451,709 |
Bathurst | $382,478 |
Orange | $372,198 |
Blayney | $287,305 |
Data courtesy of Danielle Cahill, CoreLogic, 18 October 2017.
If you would like to know more about house prices in your suburb, contact us today.
Trent McKellar is Managing Director of Sydney-based real estate and property development firm, Urban Greenfield.