Sydney house price growth nears 17pc

It hardly seems possible, but the Sydney market may be growing even faster than previously thought.

Sydney’s median house price reached $929,000 at the end of March after jumping 16.8 per cent over the year, according to Onthehouse.

That’s even higher than the recent findings of 16.0 per cent by Domain Group and 15.5 per cent by CoreLogic RP Data.

According to Residex, there were 48,623 house sales in Sydney for the year to March, which was 4.3 per cent more than the previous 12-month period.

Melbourne’s median house price increased 8.7 per cent to $673,000, while house sales increased 13.8 per cent to 48,991.

Hobart was a surprise third place in the capital gains table, with prices rising 5.0 per cent to $375,000 as sales rose 3.6 per cent to 2,030.

Brisbane house prices climbed 4.1 per cent to $478,000, while sales climbed 11.3 per cent to 40,524.

Adelaide experienced 3.0 per cent growth in its median house price, to $421,000, and 7.2 per cent growth in house sales volumes, to 19,023.

Canberra also saw growth in both categories, with prices up 2.4 per cent to $546,000 and sales up 2.8 per cent to 4,830.

However, Darwin and Perth both suffered declines in prices and sales numbers.

Darwin’s median house price fell 1.4 per cent to $567,000, while house sales fell 3.6 per cent to 1,412.

Perth prices declined 2.1 per cent to $524,000, while sales declined 8.2 per cent to 27,542.

[Related: Sydney prices forecast to grow only 3.4pc in 2016]

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