Australia Sydney's median house prices hit record high of more than $1.3 million

00:05  29 april  2021
00:05  29 april  2021 Source:   msn.com

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* The median house in Sydney once again costs more than $ 1 million , as prices continue to swell. * Prices are now at record highs again in Melbourne, Brisbane, Canberra, Hobart and Adelaide. * The coronavirus outbreak and a probable interest rate cut in March could change market dynamics. Property prices soared 1 . 1 % nationally in February, according to research house CoreLogic, pushing them to within just 1 .2% of their 2017 high . “At the current run rate of growth, the national index is likely to reach a new nominal high over the next two months,” CoreLogic head of research Tim Lawless

As Sydney ' s median house price hits a staggering $ 1 . 1 million - here's a look at what the same money can buy across Australia. Sydney ' s median house price clocked $ 1 ,123,991 - but what can you get for that price across the country? A survey released on Tuesday found Sydney ' s housing market was Sydney has clocked in as the second most expensive city to buy property in the world, with a median house price of $ 1 . 1 million dollars. The city was described as 'severely unaffordable', and was knocked out of the top spot only by Hong Kong – beating London, Los Angeles and New York.

a sign in front of a building: The housing market has been running hot in Australia with Sydney house prices rising most rapidly of all the major capitals. (Daniel Fermer.) © Provided by ABC News The housing market has been running hot in Australia with Sydney house prices rising most rapidly of all the major capitals. (Daniel Fermer.)

A "rapid" acceleration in price growth, mostly driven by upper-end homes, has seen Sydney's median house price rocket to a new record of more than $1.3 million.

Massive quarterly gains in the eastern suburbs, Northern Beaches, Baulkham Hills and the Hawkesbury are behind the quarterly median price rise of more than $100,000.

Over the year, Sydney house prices have jumped by 12.6 per cent to $1,309,195.

Domain's Senior Research Analyst, Nicola Powell said it had been a "rapid acceleration" in prices.

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Sydney house prices increased by 1.8 per cent in February while Melbourne jumped 1 . 3 per cent, CoreLogic data released on Monday shows. The surge has pushed Sydney ' s median house price back above million . Melbourne's housing values surpassed the September 2017 peak in January, with Sydney expected to reach a new record high by May if the growth trend continues. Both cities have now reported their ninth consecutive month of growth. Brisbane, Canberra, Hobart and Adelaide have also reached record high property values.

Sydney real estate is so expensive the median is now 0,000 more than the second- highest priced capital in Australia, new data shows. By the end of 2016, Sydney ’ s median house price climbed more than 10 per cent to a record $ 1 ,123,991, Domain Group’s rental and The strongest quarterly result over the year was December, with prices up 4.7 per cent in three months. This was a sharp contrast to December 2015, where prices fell 3 per cent to $ 1 ,011,283, Domain Group chief economist Andrew Wilson said. “It was a strong finish to the year, with momentum from interest rate

"It's the fastest acceleration of house prices over a single quarter since our Domain records began in 1993," she said.

"We've got double digit annual gains and that's the steepest rise since mid-2017.

"Previously we'd seen very much the low end of the market supporting price growth ... now we're starting to see the upper end of the market is leading."

Dr Powell said no area of Sydney escaped the pricing boom, and every region had hit record highs.

The median house price of more than $1.3 million is backed up by SQM research.

SQM research managing director Louis Christopher said it had been an "extraordinarily" strong quarter.

"It was ... driven by a multitude of factors, particularly government stimulus," he said.

"From the outset of this current recovery and effectively, current housing boom, there's been great demand for freestanding houses.

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Sydney house prices grew 13.1 per cent over the year, according to Domain Group data. But families looking for a house even at this price are in for a shock – a two-bedroom apartment-sized cottage in Leichhardt on just 126 square metres recently sold for .15 million . Apartment prices increased 1 . 3 per cent to 7,899, with 6.1 per cent growth over the year. “Auction clearance rates are stronger now than they were in 2015, and there’ s more stock on the market. But we are seeing a moderation in price growth,” Dr Wilson said. While he said this would be “good news for young house buyers”, it still left

As Sydney housing prices soar out of reach, Bundeena (pictured) is one suburb offering relief with a median house price of less than one million dollars at 5,000. After a bargain home? The 'secret' Sydney beachside suburb where you can buy a waterfront three -bedroom home for less than $ 1 million - but there's a catch. On outskirts of Sydney , one village has median house price less than $ 1 million . Bundeena is a seaside suburb, 29 kilometres south-west of Sydney ' s CBD.

"People have been looking for larger properties because they've been working from home, and that trend is still with us."

Slowdown could be on the way

With strong growth for more expensive homes, the cost of upsizing could prove difficult for many buyers.

While first home buyers might benefit from falling interest rates, Dr Powell said the record prices make saving for a deposit even more challenging.

"First home buyers will struggle," she said,

"When we have rapidly rising prices, then when you throw in low wages growth, low interest on savings, that hurdle to save a lump sum deposit becomes extremely difficult."

Dr Powell said she expected the rate of quarterly percentage increases to slow.

"Affordability will bite, not only for first home buyers but also those looking to upsize," she said.

"What we will see as well is more new listings coming onto the market, which will help to alleviate the strong competitive conditions we've seen between buyers."

Mr Christopher said he was watching the market very closely.

"There are some indicators to suggest that perhaps the market is slowing a little but it's very early days," he said.

Unit prices rise in Australia's 'international' cities, despite rental slump .
Apartment rents have tumbled in parts of Australia's largest cities – yet prices are rising. Property experts say affordability issues are at play, with the gap between house and unit prices the widest they've ever seen.Record low interest rates, not as many properties for sale (compared to previous years), and FOMO (fear of missing out) among buyers have caused house prices to surge at their fastest pace in 32 years.

usr: 1
This is interesting!