Sydney’s median house price bolts past $900,000

Sydney’s median house price bolts past $900,000

Posted on Thursday, April 30 2015 at 12:17 PM

According to the Domain Group’s House Price Report for March Quarter 2015, the New South Wales capital now has a median house price of $914,056.

While the national median house and unit price
recorded modest growth during the period, Sydney once again proved it’s the
nations mega-market.

Dr Andrew Wilson, senior economist at the Domain Group,
says the result exceeds other centres with varied numbers across all other
capital cities.

“Reflecting the local economic environment and supply
and demand drivers, capital cities around Australia recorded mixed results for
house and unit price growth over the March quarter.”

Domain Group data shows the national median house
price increased by 1.8 per cent over the quarter, contributing to an annual
increase of eight per cent. The national median unit price increased by 0.4 per
cent over the quarter, and 5.2 per cent over the year to end March.

Sydney’s result was in stark contrast to Perth, which
saw median house prices fall 2.1 per cent, while unit numbers
remained flat.

Adelaide and Darwin were the only two other capital
cities to record increases in both house and unit prices over the quarter.

Melbourne and Canberra both saw an increase in the
median house price, 2.2 per cent and 1.1 per cent respectively, and falls in
unit prices, 0.3 per cent and 3.6 per cent respectively.

Brisbane saw a fall of 0.7 per cent in housing prices
and 2.3 per cent for units.

Hobart recorded houses weakening, with the median
falling by 0.6 per cent while unit prices increased strongly by five per cent
over the quarter.

Wilson says prices growth should track local economic
performance as the chance of an interest rate cut diminishes.

“Sydney will continue to lead the pack in house price
growth – clearly ahead of Melbourne, Adelaide, Canberra, Brisbane and Hobart,
which are set to continue to record modest to moderate prices growth on the
back of improving economies.

“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.”

 

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