A house in Sydney will now set you back one million dollars. The median asking price for a free standing house in Sydney is $1,005,800, according to new data released by SQM Research.
Although this may have no immediate significant impact to the market, Louis Christopher, managing director of SQM Research, argues that “right now it would be impossible to purchase a free standing house in Sydney’s inner ring for under a million dollars, and will become increasingly difficult to purchase a free standing house in Sydney’s middle ring for under a million dollars.”
According to the data, the median asking price is up 7.2% from 12 months ago and 22.8% from three years ago. The median asking price for a Sydney apartment is $569,400 – an increase of 9.3% from 12 months ago and 20.9% from three years ago.
However, figures released by both RP Data and the Australian Bureau of Statistics both reveal that house price growth is beginning to stagnate as more supply comes on board and a rise in interest rates looms.