Median Australian house price climbs to $627,940
The Australian median house price rose by 1.9 per cent over 2014's second quarter - a figure dubbed as "solid" by Australian Property Monitors (APM).
APM has released its House Price Report for the June quarter, which shows that those taking out home mortgages are paying on average $627,940 for a home in today's property market.
"December 2013 was the high watermark for Sydney's current growth cycle, however, the market continues to perform. Sydney's median house price has smashed through the $800,000 barrier to a new record high," APM Senior Economist Dr Andrew Wilson and the Domain Group stated in a July 24 release.
During the 2014 financial year, the New South Wales capital city's median house price rose 17 per cent, or slightly under $118,000.
Highlighting strong house growth
Alongside the 1.9 per cent quarterly increase, house prices lifted by 10.9 per cent year-on-year to June.
Sydney's annual house price growth was the highest of all capital cities, followed by Melbourne (10.3 per cent).
Adelaide's quarterly growth was 1.1 per cent, and its annual growth 5.8 per cent. Brisbane house prices increased 1.5 per cent quarter-on-quarter and 6.9 per cent year-on-year to June. In Canberra, the quarter-on-quarter growth was 2.2 per cent - the second-highest of all capital cities - but the city's house prices fell by 0.5 per cent annually.
Perth and Hobart house prices increased quarter-on-quarter, by 0.2 per cent and 0.8 per cent, respectively. The Western Australian capital experienced 5.1 per cent annual house price growth, while the Tasmanian capital's home prices lifted by 6 per cent year-on-year to June.
Understanding unit movements
National unit prices grew by 8.3 per cent year-on-year to June, slightly behind house price growth (10.9 per cent).
The strongest annual unit price growth to June was felt in Sydney (13.3 per cent), followed by Darwin (8.7 per cent), Perth (5 per cent), Melbourne (4 per cent) and Adelaide (1.5 per cent).
Unit prices decreased year-on-year in Brisbane (-0.7 per cent), Canberra (-1.7 per cent) and Hobart (-7.9 per cent).
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