Powered by MOMENTUM MEDIA
subscribe to our newsletter
Sydney house price growth nears 20pc

Sydney house price growth nears 20pc

Sydney prices continue to rise at extraordinary rates, while Darwin and Hobart are also showing strong signs of growth.

Sydney’s median house price jumped 18.8 per cent between the first quarter of 2014 and the first quarter of 2015, according to the Real Estate Institute of Australia (REIA) and Bendigo Bank.

That was based on an increase from $783,000 to $930,000.

Advertisement
Advertisement

The median house price for houses in all eight capital cities climbed 8.6 per cent, from $607,000 to $659,000.

Australia’s capitals have also experienced strong price growth for units and other dwellings, with the median rising 7.2 per cent over the year from $483,000 to $518,000.

In quarterly terms, house prices increased in all capitals except for Brisbane and Perth. Darwin led the way with 6.8 per cent growth.

Quarterly unit prices increased in all capitals except Adelaide, Perth and Canberra. Hobart was the stand-out with 5.7 per cent growth.

REIA president Neville Sanders forecast that property prices would continue growing in 2015, thanks partly to low interest rates.

However, changes to rules around foreign investment in Australian residential real estate may change the dynamic on the market, Mr Sanders said.

Sydney house price growth nears 20pc
mortgagebusiness

 

Latest News

A new acting CEO of ANZ New Zealand has been appointed to replace David Hisco, who has been embroiled in allegations of mischaracterising pe...

CoreLogic has reported a spike in auction volumes and an improvement in clearance rates across Australia’s combined capital cities. ...

The Tasmanian bank has announced the sale of its financial planning business assets to Fiducian Group. ...

FROM THE WEB
podcast

LATEST PODCAST: Movers and shakers

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.