Sydney boom takes housing market into uncharted territory

Sydney boom takes housing market into uncharted territory

Sydney Skyline
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Forget about Sydney becoming a million-dollar city – new data suggests its median house price has already passed $1.1 million.

According to SQM Research, the city’s median house price has surged to $1.13 million after growing 15.9 per cent in the 12 months to 7 July 2015.

The median unit price has also skyrocketed, growing 12.7 per cent to $618,000.

However, the most recent analysis by CoreLogic RP Data and Onthehouse Data disputes the idea of Sydney crossing into million-dollar territory.

CoreLogic RP Data gave Sydney a median house price of $900,000 and median unit price of $650,000 for the end of June.

Onthehouse Data quoted figures of $961,000 and $636,000 for the end of May.

SQM’s analysis for the other capital cities show that only two markets are growing faster than the national inflation rate, which was 1.5 per cent for the year to June.

In Melbourne, houses were up 4.8 per cent to $659,000 and units were up 0.8 per cent to $427. In Brisbane, houses were up 3.1 per cent to $556,000 and units were up 2.2 per cent to $374,000.

Adelaide and Hobart are the only other capitals that can claim any sort of growth, while both house and unit prices went backwards in Canberra, Perth and Darwin.

Adelaide house prices climbed 1.2 per cent to $486,000, while unit prices fell 0.5 per cent to $295,000.

Hobart house prices decreased 0.6 per cent to $386,000, while unit prices rose 2.1 per cent to $251,000.

In Canberra, the median house price dropped 0.7 per cent to $613,000, while the median unit price dropped 4.3 per cent to $373,000.

Perth’s median house price declined 4.2 per cent to $733,000, while the median unit price declined 0.8 per cent to $452,000.

Darwin houses fell 1.8 per cent to $670,000, while units fell 8.4 per cent to $461,000.

[Related: Housing bubble? Yes, no, maybe]

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