Average Australian house prices have hit their highest level on record, according to research released by RP Data-Rismark.
The average capital city house price rose 1.6% to $500,000 in September, according to the data.
Sydney has the most expensive median price tag of $588,000 followed by Melbourne’s $520,000.
“If such a high rate of growth continued for a sustainable period, it would have the potential to push home values above what might be considered sustainable market value,” said RP Data analyst Tim Lawless, according to AAP.
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