Anthony Landahl

He's in the camping ground in the snowy mountains.

Good morning to you, Anthony.

Also, last day, as I mentioned, for Jan, which means we've got the RBA decision time for the first time this year coming up.

But how's the camping going first off?

Yes, a lot of people will be rightly feeling a little nervous come Tuesday.

But let's have a look at Sydney's median house price, which keeps on nudging higher.

And it's happening quietly rather than in big spikes.

Limited stock, yes, that is a factor.

Steady demand and people holding on to homes longer are keeping these prices pretty firm.

Buyers are adjusting expectations, but the reality is clear.

Sydney's housing remains expensive.

It is competitive and it's increasingly segmented between houses and units.

What does the Sydney median house price currently sit at?

We should sort of start there, I guess.

Yes, the big drivers are still supply shortages, population growth and uneven construction activity.

That is a real factor in Sydney.

Fewer homes are coming onto the market while demand hasn't gone away.

Then you add stable employment and buyers with strong equity positions and prices stay supported.

I think it's fair to say it's not frenzy driven.

It's structural pressure meeting constrained supply.