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Sydney prices now astronomical

Property prices continue to surge in Sydney while values have fallen in four of Australia’s capital cities.

Sydney’s median house price reached $850,000 in April after posting 15.5 per cent year-on-year growth, according to CoreLogic RP Data.

The median unit price in Sydney also performed strongly, growing 9.7 per cent to $630,000.

Melbourne’s median price jumped 7.6 per cent to $605,000, although the unit price rose only 1.9 per cent to $470,000.

Brisbane’s median house price climbed 2.3 per cent to $480,000, while the median unit price climbed 0.7 per cent to $388,000.

Adelaide was the only other capital to record growth in both house and unit prices, with houses up 1.6 per cent to $420,000 and units up 2.6 per cent to $343,000.

Unit prices went backwards in Hobart, Canberra and Perth, while both house and unit prices went backwards in Darwin.

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Hobart’s median house price increased 1.6 per cent to $350,000, while the median unit price fell 3.4 per cent to $269,000.

Canberra houses rose 1.3 per cent to $590,000, while units fell 2.1 per cent to $400,000.

Perth’s house price increased 0.6 per cent to $540,000, while the unit price decreased 3.5 per cent to $433,000.

Darwin’s median house price fell 1.7 per cent to $600,000, while the median unit price fell 0.9 per cent to $470,000.

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