Median house price to tip $1m

Just a decade ago, Sydney's median house price was $328,000 with few believing it would surpass $500,000.

However, the latest data from Australian Property Monitors found that over the next decade Sydney's inner city region is expected to maintain an average growth of 7.6 per cent with the median property price reaching $1.2 million.

This is not the first time predictions like this have been made. Earlier this year, Residex's chief executive officer John Edwards told Real Estate Business that Sydney had traditionally achieved a consistently high growth rate, which would force houses to tip the $1 million price bracket sooner rather than later.