Sydney's median house price passes $900,000: Domain Group

Sydney's median house price passes $900,000: Domain Group
Jessie RichardsonApril 29, 2015

Sydney's median house price now sits at $914,056 after 3.6% quarterly price growth according to Domain Group research.

Domain Group senior economist Andrew Wilson predicts Sydney's price strength will continue.

"Sydney will continue to lead the pack in housing price growth - clearly ahead of Melbourne, Adelaide, Canberra, Brisbane and Hobart, which are set to continue to record modest to moderate price growth on the back of improving economies," says Wilson.

Source: Domain Group

House prices in Sydney increased by 16% in the year to March 2015, by far the strongest annual growth. In the same period, Melbourne prices increased by 6.6% to a median of $638,445.

Brisbane, Adelaide and Canberra houses recorded more modest increases over the quarter, while Perth and Darwin house values declined. Hobart's median house price remained constant in the three month period.

"Flattening economic activity and falling confidence in Perth, and to a lesser degree Darwin, will continue to put downward pressure on house price growth as those capital cities transition rapidly from their previous resource and population boom environments," Wilson says.

Perth's median house price declined by 2.1% over the three month period, the largest drop of any capital city market.

Source: Domain Group

Sydney, Adelaide and Darwin were the only three cities which recorded an increase in both house and unit prices for the quarter. As of March 2015, the median price for a Sydney unit is $609,800. After 14.9% quarterly price growth, Darwin's median unit price sits at $473,813. Adelaide's 2.2% unit price growth for the quarter puts its median at $292,514.

Melbourne, Canberra and Brisbane all recorded drops in the median unit price over the quarter, while Perth's unit price stayed constant.

"Melbourne, Canberra and Brisbane saw falls in the median price of units as the impact of recent construction and new supply filters through to the market," Wilson notes.
Canberra's decline was the steepest in the unit market, with a 3.6% quarterly decrease in the median price.

Editor's Picks

City Beat January 2025: Sydney property market cooldown slows as new apartment pipeline ramps up
26 Vista Street, Surfers Paradise apartment development, hits 70 per cent sold
Latent Defects Insurance 101: What is the Technical Inspection Service (TIS) Program
City Beat January 2025: Gold Coast property values continue to grow as off the plan enquiries hit near 12-month high
Live parkside in Melbourne for under $500,000