Sydney has continued to break another record with the median house price now sitting well above the $900,000 mark, according to new research.
During the March quarter, house prices in the NSW capital rose 3.6% to $914,056, according to Domain Group’s House Price Report. Unit prices rose strongly as well, adding another 1.2% to $608,9800.
In the past 12 months, Sydney’s median house price surged 16%, while units gained 9%.
The only other two capital cities to experience increases in both the house and unit prices over the quarter were Adelaide and Darwin.
For Melbourne and Canberra, both saw an increase in the median price for houses, at 2.2% and 1.1% respectively. But they both also recorded falls in unit prices to the tune of 0.3% and 3.6% respectively.
In Brisbane, there were falls in both the house (by 0.7%) and unit (by 2.3%) prices over the March quarter.
“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,” said Wilson
It was a different story in Perth where the median price of houses dropped by 2.1%, while units remained flat over the quarter.
“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,” said Wilson.
Meanwhile, in Hobart, house prices fell by 0.6%, while unit prices increased strongly by 5% over the quarter.
“Capital city price growth is likely to track local economic performance with the prospect of lower interest rates now diminishing as early signs continue to emerge of an improvement in national economic activity,” said Wilson.
“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 price growth on the back of improving economies.”
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