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Sydney house median peaks over $1m again, but units turning into negative

Sydney house median peaks over $1m again, but units turning into negative

Sydney house median price jumped 2.7 percent over the September quarter to a record $1,068,303, Domain calculations suggest.

The growth can be attributed to investor activity, according to Domain Group chief economist Andrew Wilson.

Also read: Apartment market crash could lead to mass joblessness

“The growth is raging back into Sydney … we have auction clearance rates in the mid-80 per cent range, and there were two interest cuts in August and May this year,”  Wilson said.  

The lower north shore was the strongest Sydney region over the 12 months as it increased by 12 percent in a year however apartments only increased by 1.1 percent to a median of $685,865.

Median houses prices in Australia capitals:

 

September 2016

June 2016

September 2015

Sydney

$1,068,303

$1,039,947

$1,046,539

Melbourne

$773,669

$750,407

$708,816

Brisbane

$521,152

$525,954

$505,171

Adelaide

$494,911

$496,436

$481,282

Perth

$556,609

$578,444

$588,890

Canberra

$661,912

$659,229

$630,858

Hobart

$338,703

$331,207

$333,619

Darwin

$595,466

$616,000

$661,395

National

$752,879

$740,630

$727,170

The inner west was the strongest performer over the quarter despite the lower north shore outpacing every other region this year.

The apartment market has shown signs of slowing down in some areas such as Canterbury Bankstown, the south and the west recording modest price declines in the quarter.

Also read: Asian home buyers less likely to default on their mortgage

Median unit prices in Australian capitals:  

 

September 2016

June 2016

September 2015

Sydney

$685,865

$678,244

$679,456

Melbourne

$466,779

$446,609

$442,348

Brisbane

$367,518

$378,327

$382,219

Adelaide

$301,939

$305,886

$294,481

Perth

$364,752

$367,632

$388,767

Canberra

$403,775

$398,728

$409,052

Hobart

$251,073

$276,544

$284,417

Darwin

$448,418

$448,417

$431,600

National

$536,294

$529,386

$529,950

The biggest Sydney regional drop was in Canterbury Bankstown where apartments declined by 4.7 percent to a median of $505,000.

Also read: Is the Aussie property boom back?

Apartments across Sydney have increased by 0.9 percent in the 12 months to September.

 

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