Sydney house prices up 17pc to new record high

Sydney house prices up 17pc to new record high

24 July 2014 by Nick Bendel 1 comments

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.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?