Northern Beaches Apartment Sale Prices up 9.4%

Sydney Apartment Prices Outpaced House Prices over the June Quarter

A 9% surge so far this year in Sydney's south-west helped the Sydney median house price edge through the $800,000 barrier to an all-time high of $811,837, according to the Australian Property Monitors June quarterly house price report.

Sydney apartment prices outpaced house prices over the June quarter, up by 3.9% to a record high of $573,255, with the northern beaches the strongest region with prices up 9.4% so far this year.

For once there was no great divide between Sydney's so-called Silvertails and Fibros.

Sydney house prices were up almost $118,000 annually, or a $2,200 a week, without the eastern suburbs being on board.

Sydney's overall 3.1% June quarter increase took the 2013-14 financial year house price growth to 17%, well beyond the nearest capital rival Melbourne with a 10% rise in house prices to $607,700.

With a 13.3% annual hike, Sydney apartment prices were up $67,000 annually, or $1,300 a week.

While less than the December 2013 quarter high watermark for Sydney's current growth cycle, Dr Andrew Wilson, the APM senior economist with the Fairfax Media Domain group, said the Sydney housing market remained the "standout" capital city performer with another strong quarterly result.  

The national median house price increased by 1.9% over the quarter, the same result as the previous quarter to $627,940.

Article by Jonathon Chancellor, Property Observer. Read More