The median value of Sydney houses has breached the $600,000 mark for the first time, property information specialist Residex has revealed.
Recently released Residex data showed that the median value of a house in Sydney reached $610,000 in September, an increase of 6.87% on the figure recorded at the same time last year. Unit values followed a similar trend, with the median value increasing by 8.24% to $427,000 in the 12 months from September 2008.
Melbourne has also recorded a milestone, with median house values breaking through the $500,000 barrier for the first time. During the September quarter, Melbourne racked up the highest growth in median house value, up 6.50% to $524,500 – while unit median values rose by 3.47% to $400,500.
Unit values in the Northern Territory recorded a massive 18.37% increase over the same period, while Darwin registered a similarly impressive 16.52%.
But Perth and Western Australia Country struggled, recording house value falls of 4.42% and 9.56% respectively.
Residex CEO John Edwards said the data suggested confidence was returning to the Australian property market and that residential investments are once again providing buyers with positive gains.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan