Sydney property is now up 28.2% from the start of Covid, having gained 6.3% through the 23/24 Financial Year.
The median house price in Sydney is now $1,466,000, while the median unit in Australia's biggest city will set you back $855,000.
The national property price also hit a new all time high in June, gaining another 0.7% through the month to reach $794,000.
Prices have grown between 0.5% and 0.8% each month since February, which means Australia is on track for the national median to exceed $825,000 before the year is out.
The growth since early 2023 has defied expectation, persistent in the face of high rates and the cost of living crisis, and CoreLogic Research Director Tim Lawless says the explanation remains simple - there aren't enough properties to go around.
"The housing market resilience comes back to tight supply levels which are keeping upwards pressure on values," Mr Lawless said.
Sydney, Perth, Brisbane and Adelaide are at all time highs for nominal property prices, along with regional Queensland, WA and South Australia.
However, Melbourne and Hobart recorded slight declines over the June quarter.
Will supply start to pick up?
The different growth trends in Australian cities look closely correlated to the level of properties for sale.
In Perth, which has been the strongest market in the nation for some time, the number of properties listed is down 23% from this time in 2023, and is 47% below the previous five year average.
Listings in Adelaide and Brisbane, where growth remains strong, are down 43% and 34% respectively on the long term average for this time of year.
On the other hand, listings in Melbourne and Hobart are both above average, which likely goes some way towards explaining their weak performances.
Nationally, advertised supply levels are 18% below the previous five year average, showing Australia has not seen a surge in home owners forced to sell because of high interest rates.
This is backed up by data from APRA - in the March quarter only 1.6% of home loans were in arrears, which is less than at the onset of Covid (1.8%).
As RBA Governor Michelle Bullock keeps saying, Australian households built up strong savings during the pandemic which has helped many absorb 425 basis points worth of increases to the cash rate.
Home owners have been hit hard, but on a macro level appear to be riding out the storm, and are set for further rewards if prices keep rising.
For those yet to get a foot on the property ladder however, low levels of listings are pushing home ownership dreams further out of reach.
The Government has announced a five year goal of 1.2 million new homes to be built by 2029 to address this, and as of 1 July, the countdown is officially on.
Property Council Chief Executive Mike Zorbas says construction levels in Australia will need a big lift to reach this lofty goal.
"We need to move from 170,000 homes a year now into the high 200,000s in order to average 240,000 over the five years," he said.
"We will be offering industry’s help to governments and parliaments that are committed to these targets and calling out those that are not.
"Planning gridlocks, harmful taxes and political grandstanding will not get us the housing we so desperately need."
Latest round of FHGs commence
The beginning of the 24/25 Financial Year also means another 50,000 places are available across the federal Home Guarantee Scheme.
Successful applicants can have the Government act as guarantor for a certain percentage of the property value, which can mean borrowers avoid paying Lenders Mortgage Insurance (LMI).
There will be an additional 35,000 spots available on the First Home Guarantee, 10,000 on the Regional First Home Guarantee and 5,000 on the Family Home Guarantee.
Housing Australia CEO Nathan Dal Bon said the scheme is an important part of improving access to the property market.
"[The scheme] provides more Australians and permanent residents with greater access to the property market, enabling them to bring forward plans to buy their own home," he said.
Picture by Dan Freeman on Unsplash
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