Sydney’s median house price hits new highs

Sydney’s median house price hits new highs

by Staff Reporter 0 comments

Sydney house prices grew by $10,000 a month over the September quarter while the nation's other capital cities floundered, new figures show.

According to Domain Group's House Price Report, the city's median house price grew by a further 3.8 per cent over the quarter to an all-time high of $843,994.

House prices have now increased by 16.6 per cent over the past year - a $120,000 jump.

Domain Group senior economist Andrew Wilson pointed the finger at investors who had been drawn into the market by the prospect of capital gains.

However, he said Sydney's solid price growth would not continue.

"The clock is now ticking for that market as further signs of moderation are emerging," he said.

With more supply coming on, Sydney apartment prices were more subdued over the quarter, growing by 1.6 per cent to $580,861.

Although Sydney's market continues to surge, the national median house price increased by just 1.2 per cent over the quarter, with most capital cities recording a decline in prices.

Melbourne experienced less than a third of Sydney's growth over the quarter, with house prices up by one per cent.

Darwin, a fairly volatile housing market, recorded a price increase of 2.9 per cent, bringing its yearly growth to -1.7 per cent.

Australia's worst performing city was Canberra, with house prices down by 1.7 per cent, followed by Perth ( down 1.5 per cent), Brisbane and Hobart (down 1.3 per cent) and Adelaide (down one per cent).

Sydney’s median house price hits new highs
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