Powered by MOMENTUM MEDIA
subscribe to our newsletter
Sydney boom takes housing market into uncharted territory

Sydney boom takes housing market into uncharted territory

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.

Advertisement
Advertisement

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.

Sydney boom takes housing market into uncharted territory
mortgagebusiness

 

Latest News

The prudential regulator is looking at revising its guidance on the serviceability assessments that banks perform on residential mortgage ...

The property industry has welcomed the re-election of the Coalition government, declaring that concerns over the opposition’s proposed cha...

BNK bank has reported home lending growth via both its direct and third-party mortgage businesses. ...

FROM THE WEB
podcast

LATEST PODCAST: How the mortgage sector will be impacted by the federal election

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.