Sydney's housing market remains one of the most expensive in the world, surpassing major cities like New York City and Paris. As of December 2019, the average house price in Sydney stood at a staggering $1,142,212—over 25% higher than the national average—making it the priciest market in Australia and second only to Hong Kong, where property costs approximately 14 times the average annual salary.

In 2016, Sydney had a total of 1.76 million dwellings, with 57% comprising detached houses, 14% semi-detached terrace houses, and 28% units and apartments. While terrace houses dominate the inner city, detached homes prevail in the outer suburbs. Environmental and economic factors have driven a notable trend toward denser housing, evidenced by a 30% increase in apartment numbers from 1996 to 2006. Public housing is primarily managed by the Government of New South Wales, with significant concentrations in areas such as Claymore, Macquarie Fields, Waterloo, and Mount Druitt.

Heritage housing styles add to Sydney's architectural charm, with terraces commonly found in neighborhoods like Paddington, The Rocks, Potts Point, and Balmain—many of which have undergone gentrification. Once the humble abodes of miners and laborers, these terrace houses are now among the city's most sought-after real estate. The Victorian-era mansions are primarily located in historic suburbs such as Double Bay, Darling Point, Rose Bay, and Strathfield.

Federation homes, built around the time of Australia’s Federation in 1901, populate suburbs that expanded due to railway development, including Penshurst and Turramurra. In addition, California bungalows are prevalent in Ashfield, Concord, and Beecroft, while modern homes are increasingly found in the outer suburbs like Stanhope Gardens, Kellyville Ridge, and Bella Vista.

Sydney's parks and open spaces also play a crucial role in the city's appeal. The Royal Botanic Garden, a significant green space, serves both scientific and recreational purposes. The Centennial Parklands, spanning 189 hectares, is the largest park in the city, while the Royal National Park, established in 1879, is the second oldest national park in the world, featuring over 800 indigenous rock engravings and cave drawings.

Hyde Park, Australia's oldest public park, was established in 1810 by Governor Macquarie for the "recreation and amusement of the inhabitants." With over 3.5 million annual visitors, these parks and gardens contribute significantly to Sydney's quality of life, ensuring that the city remains a desirable place to live amidst its soaring real estate prices and diverse housing styles.