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Sydney continues to lead property price growth

Sydney continues to lead property price growth

The Sydney housing market is so hot that it is almost single-handedly propping up national price growth.

National house price growth is running at 8.0 per cent per annum, while unit price growth is at 5.2 per cent, according to Domain Group data for the March quarter.

Sydney is the only market where house prices exceed the national average, while Sydney and Darwin are the only markets where unit prices exceed the national average.

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The median house price in Sydney has reached $914,000 after posting 16.0 per cent annual growth. Unit prices have grown 9.0 per cent to $559,000.

Darwin house prices fell 3.0 per cent to $646,000, although unit prices rose 6.4 per cent to $445,000.

Only two markets other than Sydney experienced gains in both house and unit prices – Melbourne and Adelaide.

Melbourne house prices increased 6.6 per cent to $638,000, while unit prices increased 2.7 per cent to $423,000.

Adelaide house prices climbed 4.6 per cent to $477,000, while unit prices climbed 3.9 per cent to $281,000.

Canberra’s median house price grew 4.2 per cent to $599,000, although the median unit price fell 3.0 per cent to $412,000.

Brisbane experienced a 2.8 per cent increase in house prices, to $484,000, alongside a 3.8 per cent decline in unit prices, to $368,000.

Perth house prices fell 2.8 per cent to $600,000, while unit prices stayed at $406,000.

Hobart house prices held steady at $326,000, while unit prices dropped 4.6 per cent to $255,000.

Sydney continues to lead property price growth
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