Sydney house prices up 17pc to new record high

Sydney has posted a new record after the median house price grew by $118,000 over the past 12 months.

New data from Australian Property Monitors showed the median house price in Sydney increased by 17 per cent during 2013/2014, from $694,000 to $812,000.

The statistics also revealed national house prices grew 10 per cent over the financial year to a median of $628,000.

Melbourne’s median price jumped 10.3 per cent to $608,000, Brisbane grew 6.9 per cent to $477,000, and Hobart added 6.0 per cent to $329,000.

Adelaide grew 5.8 per cent to $462,000, Perth rose 5.1 per cent to $620,000, and Darwin increased by 1.3 per cent to $656,000.

However, things were less rosy in the nation’s capital, where Canberra’s median house price fell 0.5 per cent to $576,000.

The Australian median price for units increased 8.3 per cent over the year to $473,000.

Sydney jumped 13.3 per cent to $573,000 and Darwin added 8.7 per cent to $462,000.

Perth rose 5.0 per cent to $406,000, Melbourne grew 4.0 per cent to $420,000, and Adelaide increased by 1.5 per cent to $290,000.

Three markets went backwards: Hobart dropped 7.9 per cent to $247,000, Canberra declined 1.7 per cent to $408,000 and Brisbane fell 0.7 per cent to $365,000.

Australian Property Monitors senior economist Dr Andrew Wilson said home loan activity and auction clearance rates point to continued solid buyer activity through 2014.

“This is fuelled by low interest rates, restored and rising confidence, a reasonable general economic foundation and, particularly for the Sydney market, record levels of investor activity,” he said.

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