Sydney's $1 million house median arrives 326 days early

Sydney's $1 million house median arrives 326 days early
Sydney's $1 million house median arrives 326 days early

Domain's senior economist, Dr Andrew Wilson, calculates house prices spiked 8.4 per cent over the June quarter to a $1,000,616 Sydney median house price.

The May RBA rate cut helped the spurt in Sydney's median to be now sitting, according to the Fairfax Media spin, higher than than average house price in London and fast approaching New York, the Domain House Price Report, released on Thursday, said.

The median house price has increased by close to $200,000 in a year or 22.9 per cent, which exceeded the boom time results of the early 2000. The spike from $814,285 a year earlier ranks as the quickest pace of gain since the late 1980s.

The $1 million median had been tipped for next year, according to the Fairfax Media-owned Domain Group's ongoing previous forecast. Its countdown clock is still showing it is 326 days off.

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Property Observer anticipates it is possible the more subdued winter sales will rebalance the median to below $1 million in the next quarter.

AMP Capital chief economist Shane Oliver told Fairfax Media the $1 million median house price was a milestone that would reinforce perceptions that Sydney was beyond reach for many homebuyers.

Sydney's annual rate growth was more than double the nearest capital city, Melbourne's 10.3% jump to $688,030.

The NSW capital reportedly sits pricier than London, where the equivalent was $900,000, but below New York, where it was $1.5 million, and Paris, where it was about $2 million.

June Quarter Medians 

$1,000,616
Sydney Houses
 
$686,078
Sydney Units
 
$668,030
Melbourne Houses
 
$443,549
Melbourne units
 
$490,855
Brisbane Houses
 
$371,508
Brisbane Units
 
$479,285
Adelaide Houses
 
$292,399
Adelaide Units
 
$605,089
Perth Houses
 
$405,417
Perth Units
 
$616,313
Canberra Houses
 
$382,350
Canberra Units
 
$325,972
Hobart Houses
 
$272,932
Hobart Units
 
$654,270
Darwin Houses
 
$471,789
Darwin Units
 
$701,827
National Median Houses
 
$516,723
National Median Units
 
{mijopolls 122}
 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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