Sydney's housing market is notoriously competitive and expensive, frequently ranked as one of the least affordable in the English-speaking world. The median house price frequently exceeds $1.3 million AUD, with properties in the affluent Eastern Suburbs and Lower North Shore commanding vastly higher premiums.
* **Housing Types:** The inner-city neighborhoods are characterized by historic Victorian terrace houses and a rapidly growing number of high-rise apartment and condominium complexes. The middle and outer suburbs are predominantly defined by detached, single-family homes on traditional suburban blocks, though medium-density townhouses are becoming more common. * **Rental Market:** The rental market is typically tight, with low vacancy rates and high weekly rents. * **Affordable Housing:** The lack of affordable housing is a major civic and political issue, prompting government initiatives to build more diverse housing stock and increase density along transport corridors.