Sydney house prices have risen 730 per cent in 30 years. Is the super-cycle over?

Sydney’s house prices have surged 734% over the past three decades, intensifying debate over whether the long-running property “super-cycle” is fading. The Reserve Bank inflation calculator and Domain data show that from June 1996, when the city’s median house price hit a record $214,719, the figure would have been about $465,000 if it had tracked inflation, but it is now $1.79 million. Sydney apartment prices also rose sharply, reaching a median of $848,227—up 385% since mid-1996. Domain’s chief economist Nicola Powell said there were few serious setbacks despite shocks like the 2008 global financial crisis and the 2020 COVID crisis, which were followed by strong growth after the Reserve Bank cut rates toward emergency levels near zero. However, persistent inflation, political pressure to lower immigration, state efforts to increase housing supply, and federal changes to property-tax concessions may be shifting dynamics, raising questions about the cycle.