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.
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
