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Sydney Median House Prices On The Move As Strong Growth Recorded Push Prices To Over $1m

A 22.9 per cent increase in the year to June drove the median price to $1,00,616. Apartment in Sydney also experienced strong growth of 13.9 per cent, bringing the median close to the median price for a house in Melbourne.

Sydney has been designated a ‘no go zone’ for first home buyers and is increasingly so for investors, driving a lot of buyers down to Melbourne. Dr Wilson of Domain Group says that “investors are now starting to target that Melbourne market” adding “we’ve seen a combination of what was the strongest auction market in 40 years in Melbourne, transferred to price growth.”