Housing boom continues in Sydney and Melbourne

Sydney’s median house price reached $922,000 at the end of July after growing 19.8 per cent over the year, according to CoreLogic RP Data.

That compared to a growth rate of 17.8 per cent in June and 16.4 per cent in May.

Sydney’s median unit price jumped 11.9 per cent to $660,000 after rising 9.5 per cent in June and 8.8 per cent in May.

Melbourne’s median house price rose 12.3 per cent to $630,000, compared to growth of 11.2 per cent in June and 9.8 per cent in May.

The city’s median unit price grew 4.8 per cent to $484,000, compared to 2.4 per cent in June and 2.9 per cent in May.

Adelaide was Australia’s third-strongest market, with house prices climbing 3.4 per cent to $425,000 and unit prices climbing 3.1 per cent to $342,000.

Hobart was the only other capital to record growth in both sectors, with houses up 2.4 per cent to $320,000 and units up 3.8 per cent to $282,000.

Brisbane’s median house price increased 4.6 per cent to $490,000, however the city’s median unit price decreased 2.5 per cent to $380,000.

Canberra house prices grew 1.4 per cent to $593,000, while unit prices fell 0.6 per cent to $412,000.

Perth houses rose 0.1 per cent to $530,000, while units dropped 5.7 per cent to $420,000.

Darwin experienced declines in both sectors, with houses down 5.7 per cent to $570,000 and units down 3.2 per cent to $442,000.