Housing boom continues in Sydney and Melbourne

Property prices are growing faster than ever in Sydney and Melbourne, raising fresh questions of when capital gains will peak.

Sydney’s median house price reached $922,000 at the end of July after growing 19.8 per cent over the year, according to CoreLogic RP Data.

That compared to a growth rate of 17.8 per cent in June and 16.4 per cent in May.

Sydney’s median unit price jumped 11.9 per cent to $660,000 after rising 9.5 per cent in June and 8.8 per cent in May.

Melbourne’s median house price rose 12.3 per cent to $630,000, compared to growth of 11.2 per cent in June and 9.8 per cent in May.

The city’s median unit price grew 4.8 per cent to $484,000, compared to 2.4 per cent in June and 2.9 per cent in May.

Adelaide was Australia’s third-strongest market, with house prices climbing 3.4 per cent to $425,000 and unit prices climbing 3.1 per cent to $342,000.

Hobart was the only other capital to record growth in both sectors, with houses up 2.4 per cent to $320,000 and units up 3.8 per cent to $282,000.

Brisbane’s median house price increased 4.6 per cent to $490,000, however the city’s median unit price decreased 2.5 per cent to $380,000.

Canberra house prices grew 1.4 per cent to $593,000, while unit prices fell 0.6 per cent to $412,000.

Perth houses rose 0.1 per cent to $530,000, while units dropped 5.7 per cent to $420,000.

Darwin experienced declines in both sectors, with houses down 5.7 per cent to $570,000 and units down 3.2 per cent to $442,000.

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