Sydney's stronger upper north shore prices push Sydney's median house price over $1 million yet again

Sydney's stronger upper north shore prices push Sydney's median house price over $1 million yet again
Sydney's stronger upper north shore prices push Sydney's median house price over $1 million yet again

House prices went higher in the June quarter, with Sydney's median house price jumping back over the $1 million mark, the latest Domain House Price Report suggested. 

It was houses on Sydney's upper north shore that rebounded to be up 5.2 percent over the quarter. The strongest region for annual growth was the city and east, with 12.2 percent house price growth.

Nationally prices rose 1.5 percent from the March quarter, led by Canberra's 3.1 percent quarterly gain and Sydney's 2.4 percent increase.

Prices fell 1.7 percent in Perth and 0.7 percent in Darwin.

Sydney's median house price sat at $1,021,968, up from $997,925 in March, but below the September 2015 record of $1,032,899. 

Units in Melbourne posted strong recent growth, but the national quarterly growth figure was 0.7 percent given declines in Brisbane, Adelaide, Perth and Canberra.

In Sydney, apartment prices rose just 0.6 percent as signs suggest supply is catching up with demand.

Melbourne’s house prices hit a new record median of $740,995 after almost four years of growth as prices grew 1.5 per cent in the June quarter, taking the annual rate to 7.4 percent – the highest of all capital cities. It was Melbourne's west and north that had the highest annual regional growth, and the inner city which had the highest quarterly growth. The median house price rose in the west and north, at 12.1 percent and 9.6 percent respectively annually. 

Melbourne's unit median price grew 3.5 per cent over the June quarter, but just 2.7 per cent annually, to $450,933.

Adelaide house prices hit a $498,927 record price.

 

Tags: 
Median Price Housing Market

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