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