Analysis of housing sales throughout the fiscal year reveals that prices for many suburban properties have more than doubled compared to previous periods. Economists warn that this trend is likely to continue into the 2024/25 period, especially with high market demand and limited supply.

This year alone, at least 50 property transactions have shattered historical price records, with most being newly constructed properties located in large blocks but excluding development land.

The influx of savings during the low-interest and lockdown periods of 2020 and 2021 has driven market activity, with many records set during this time.

Anne Flaherty, an economist at PropTrack, noted that the ongoing rise in Sydney's overall property prices and record-breaking sales reflects new financing strategies among buyers.

She explained that many buyers are relying on equity from existing properties or investment properties to fund their purchases, with some even buying without mortgage loans.

According to data from the Australian Bureau of Statistics, many buyers in New South Wales are purchasing homes with loan amounts less than 60% of the property purchase price.

Further research from Property Exchange Australia shows that last year, over a quarter of property transactions in New South Wales were completed without mortgage loans.

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One of this year's record-breaking properties is located in the southwestern suburb of Yennora, where a house sold for AUD 3.55 million in May, more than double the previous suburb record of AUD 1.68 million.

In Middle Dural, northwest Sydney, a luxury residence sold for AUD 14 million, over AUD 4 million higher than the previous suburban record.

In Greenhills Beach, part of Sutherland Shire near Cronulla, a designer home sold for AUD 15.7 million, breaking the 2021 record of AUD 9.8 million.

Recent record-breaking sales correlate closely with the overall rise in market property prices. PropTrack's house price index shows a continuous increase in Sydney house prices over the past 19 months, with an approximate 7% increase compared to the same period last year. Median house prices in Sydney have risen by 37% since the beginning of the COVID-19 pandemic in early 2020.

Damien Cooley, head of auction house Cooley, noted that recent price records indicate a "polarization" in the market.

He said, "The gap is widening between those who are making big money and those who are struggling financially."

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"Every suburb has its high-end crowd, and these high-end properties have consistently performed well. Many of those buying these high-end homes often do not need mortgages, and many have seen higher incomes in recent years."

Clarence White, director at auction group Menck and White, added that recent record-breaking auctions are not only about the properties themselves but also about the financial situations of buyers.

He said, "Indeed, the cost of living crisis does not apply to everyone; some have more disposable income, but the property market is also changing."

Real estate marketing expert Tom Panos also believes that infrastructure upgrades in some areas are another factor attracting buyers, including parts of the northwest and southwest.

He pointed out, "Suburbs are becoming increasingly attractive, potentially drawing buyers from more expensive areas."

These trends indicate that despite overall economic challenges, Sydney's real estate market remains vibrant, capturing the attention of investors and homebuyers alike.