Median House Prices In Sydney And Melbourne Rise Again

Better cancel the Bali footy trip

26 June 2017

Article heading image for Median House Prices In Sydney And Melbourne Rise Again

Image: Pexel

Looks like you're going to need a spare million in your back pocket if you're on the hunt for property in Sydney with median house prices rising to $1,000,500.

It's a similar story for Melbourne home buyers with the median price sitting at $715,549, according to the latest property information from CoreLogic.

The value of Sydney homes rose slightly more than Melbourne's - up one per cent compared to its southern rival's 0.8 per cent - in the week to June 25, from the previous week.

But the value of homes eased in Brisbane, Adelaide and Perth, with Adelaide dropping one per cent, the Queensland capital losing 0.3 per cent and Perth declining 0.2 per cent compared to the week before.

The median house price of properties sold in Brisbane was now $513,000, in Adelaide it was $443,500, and in Perth it was $505,000.

Hobart was the cheapest capital city with a median house price of $359,500.

The pattern is pretty similar for units with Sydney top of the board at $738,000 and Hobart at the bottom on $286,500.

In the year to date, Sydney home prices have lifted by 5.4 per cent, Melbourne's are 4.8 per cent higher while prices in Brisbane and Adelaide have risen also risen, but by less, and in Perth they have contracted.

CoreLogic said the national auction clearance rate among Sydney, Melbourne, Brisbane, Adelaide and Perth remained below 70 per cent for the week to June 25.

Preliminary results showed 69.1 per cent of auctions cleared, compared to 66.7 per cent in the previous week, but compared to a year ago, they were relatively similar.


Listen Live!