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Sydney house prices climb above $1 million again


house coin stackMedian house prices have edged back over the $1 million mark.

Domain’s quarterly House Price Report has revealed Sydney’s median house price rising 2.4% over the quarter, to top the $1 million mark at $1,021,968. The result remains below the city’s median house price record of $1,032,899, recorded for the September 2015 quarter.

All Australia’s capital cities except Perth and Darwin saw price rises over the quarter, with Melbourne, Adelaide and Canberra posting record highs. Perth and Darwin continued their declines, with median prices falling 1.7% over the quarter in Perth and 0.7% in Darwin.

In spite of the rise, Domain chief economist Andrew Wilson said house prices were growing at a more sustainable rate.

“It’s not an inferno any more, just a cosy little blaze. Even though interest rates have fallen, they don’t have the same fizz in them. The pent-up demand has been satisfied to a large degree in Sydney and to a lesser extent in Melbourne,” Wilson said.

The unit market fared poorer, with quarterly falls in Brisbane, Perth, Canberra and Darwin. Sydney saw a slight 0.4% improvement, while Darwin unit prices were flat for the quarter. Melbourne and Hobart saw stronger rises of 3.5% and 2.5%, respectively.

Wilson predicted that house price growth would continue to moderate.

"We're looking at an overall 3% to 4% national growth this year. The longer-term dynamic of the cycle is 3% to 4% going forward,” he said.

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