A well-paid communications professional has shared her story of being forced out of Sydney, the city she called home, as soaring property prices made ownership an impossible dream.
Rowena Sturn and her partner, a public servant, spent years renting in Sydney's inner-west. However, when they decided it was time to buy a home, they faced a harsh financial reality that pushed them out.
The Impossible Dream: Sydney's Price Barrier
'Blocks of land in our suburb were selling for like $2.5million, $3million,' Ms Sturn explained. 'We're like, 'We're never going to be able to afford that, so we're out'.'
With plans to start a family, the couple needed space, stability, and a realistic path to home ownership. They decided to return to their hometown of Newcastle, about two hours north of Sydney, believing the regional market would be easier to enter.
To their surprise, they encountered a similarly fierce market, complete with widespread underquoting. Their active house hunt took nine to ten months, requiring drives from Sydney almost every weekend.
A National Trend with Spill-Over Effects
The couple's experience is not unique. It reflects a nationwide struggle where young Australians with solid incomes are being squeezed out of major capital cities.
Analysts predict Sydney home prices are set to surge again next year, edging towards the $2 million median mark by 2027. This follows an expected seven per cent spike across 2026.
According to economists, this push is fuelled by three key factors:
- Falling interest rates
- Chronic undersupply of housing
- Strong demand across the biggest cities
Dr Nicola Powell, Domain's chief economist, said this trend will 'continue to build' next year. She described the $2m median as a psychological 'Mount Everest' for buyers.
Regional Havens No Longer Affordable
The intense pressure in major cities has created a significant spill-over effect in regional areas. Towns once considered an affordable refuge are now seeing their fastest price growth in years.
Buyers priced out of Sydney and Melbourne are snapping up properties in places like Newcastle, Wollongong, Ballarat, and the Central Coast. This has driven regional values up sharply, with the three months to October 31 seeing the fastest quarter of growth in three years.
For many young Australians, the choice is increasingly stark: buy in a regional area or do not buy at all.
Governments have introduced reforms, such as NSW's 'once-in-a-generation' planning changes aiming to unlock space for 110,000 new low- and mid-rise homes by 2029. However, the NSW Government itself concedes these reforms will take time, and builders warn that planning delays, labour shortages, and rising costs are holding back progress.
Until supply meets demand, buyers are left to battle intense competition, rising prices, and shrinking stock. Ms Sturn believes more must be done, stating, 'I don't think enough is being done to make it easier. You feel like you're doing everything right, and it's still impossible.'
