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Sydney property market sees double-digit growth

Sydney property market sees double-digit growth

New figures have revealed that Sydney's house and unit markets have seen the country’s strongest growth over the year.

A new report from online property portal Onthehouse.com.au has shown that all the nation’s capitals have seen growth over the past year, except for Darwin and Perth.

Sydney saw the highest growth as median house price rose 21.7 per cent from August 2014 to August 2015 and reached $1.04 million, while units rose 14.3 per cent over the same period and reached $666,000.

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In Melbourne the median house price rose 9.3 per cent to hit $700,000 and units climbed 5.2 per cent to $485,500.

The median house price in Brisbane climbed 6.8 per cent to $497,000 and units rose 2.2 per cent to $377,000.

Adelaide’s median house price jumped 3.9 per cent to $429,000 and units climbed 4.6 per cent to $319,500.

In Hobart the median house price rose 2.3 per cent to $375,500 and units rose 7.7 per cent to $279,500.

Perth’s median house price fell 2.7 per cent to $520,500 and units dropped 2.3 per cent to $444,500.

In Darwin the median house price dropped 2.8 per cent to $568,000 and units fell 6.1 per cent to $407,000.

Nationally the median house price rose 6.7 per cent to $504,500 and the unit price climbed 6.2 per cent to $468,500.

Onthehouse.com.au market analyst Eliza Owen said that while some contraction has occurred, it's too early to determine whether or not it represents long-term slowdown in the market.

"The trend will become clearer as we move into the next quarter, especially as we reach spring, which historically yields higher capital growth rates than the winter months," she said.

"In essence, just because the economy is underperforming, this does not mean the housing market will."

Sydney property market sees double-digit growth
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