Sydney’s median house price has smashed through the $800,000 barrier to reach an all-time high of $811,837 according to the Australian Property Monitors Quarterly House Price Report.
Last month’s surge of 3.1% brings the total house price growth for the 2013-14 financial year to 17%, or $118,000.
The latest quarterly increase is in line with the March quarter results but still considerably lower than the boom era 5.1 per cent recorded over the quarter ending December last year.
December 2013 was the high watermark for Sydney’s current growth cycle.
However, the market continues to perform.
Apartment prices outpaced house prices over the June quarter, growing by an impressive 3.9% to a record high of $573,255.
The best-performing region for apartments has been the northern beaches where unit prices have shot up 9.4% in the past six months.
It’s a speculative market at the moment.
Despite the Reserve Bank’s warning to investors this month there was no sign of a slowdown in investor activity.
Investors in May borrowed more than $5 billion for property, now representing 57 per cent of home loans in NSW.
More affordable investor havens have been the best performing regions this year.
House prices in the south-west have risen 9 per cent followed by Canterbury Bankstown at 8.3 per cent.
While the price growth is good news for owner-occupiers, first home buyers are having to dig deeper.
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