The median house price in Sydney is quickly approaching the $1 million mark with new results indicating the price has now hit $914,056.
The Domain Group's House Price Report March 2015 shows that while the national median house price has increased by 1.8 per cent over the March quarter, Sydney's housing prices have soared by 3.6 per cent. This was an increase from $882,048 in the December 2014 quarter.
Unit prices are also on the rise, with Sydney recording a 1.2 per cent increase over the March quarter bringing the median to $609,800.
Senior Economist for the Domain Group Dr Andrew Wilson believes Sydney's run is not over, with median prices expected to grow.
[urbanRelatedPost][/urbanRelatedPost]"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 prices growth off the back of improving economies," Dr Wilson said.
Two other Australia capitals also recorded solid price increases with Melbourne's median house price going up 2.2 per cent to $638,445 over the March quarter and Adelaide seeing a 1.3 per cent increase to $476,884, reflecting the recent revival in the local market.
Brisbane, Perth and Hobart each saw slight declines, with Brisbane prices falling by 0.7 per cent to $484,374, Perth by 2.1 per cent to $599,574, and Hobart down 0.6 per cent to $325,920.
"Housing markets have generally activated over the first quarter of 2015, particularly following the February cut in interest rates. Although the reduction in mortgage rates improved affordability only marginally, buyer and seller confidence has lifted based on the prospect of further cuts fuelling house price growth," Dr Wilson said.
