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Sydney has become the latest city to post a housing record after the median price grew by $118,000 over the year.
New data from Australian Property Monitors showed the median house price in Sydney increased by 17 per cent during 2013/2014, from $694,000 to $812,000.
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The Real Estate Institute of Victoria and the Real Estate of Institute of South Australia recently reported that Melbourne and Adelaide had posted record median house prices.
The Australian Property Monitors statistics also found that national house prices grew 10 per cent over the financial year to a median of $628,000.
Melbourne’s median price jumped 10.3 per cent to $608,000, Brisbane grew 6.9 per cent to $477,000 and Hobart added 6 per cent to $329,000.
Adelaide grew 5.8 per cent to $462,000, Perth rose 5.1 per cent to $620,000 and Darwin increased by 1.3 per cent to $656,000.
Canberra’s median house price fell 0.5 per cent to $576,000.
The Australian median price for units increased 8.3 per cent over the year to $473,000.
Sydney jumped 13.3 per cent to $573,000 and Darwin added 8.7 per cent to $462,000.
Perth rose 5 per cent to $406,000, Melbourne grew 4 per cent to $420,000 and Adelaide increased by 1.5 per cent to $290,000.
Three markets went backwards: Hobart dropped 7.9 per cent to $247,000, Canberra declined 1.7 per cent to $408,000 and Brisbane fell 0.7 per cent to $365,000.
Australian Property Monitors senior economist Andrew Wilson said home loan activity and auction clearance rates point to continued solid buyer activity through 2014.
“This is fuelled by low interest rates, restored and rising confidence, a reasonable general economic foundation and, particularly for the Sydney market, record levels of investor activity,” he said.
[Related: Big rent jumps for Melbourne houses, Sydney units]
