The Median Asking Price For A House In Sydney Has Topped $1 Million For The First Time

Hybrid House by Tasmin Salehian is displayed during the 2014 Sculptures by the Sea exhibition at Tamarama in Sydney. Cameron Spencer/Getty Images

Sydney’s median asking price for freestanding houses passed the $1 million mark for the first time, according to data released by SQM Research, an investment research house.

Houses, including terraces but excluding townhouses, hit a median asking price of $1,005,800 this month, as this chart shows:

Source: SQM Research

Louis Christopher, managing director of SQM Research, says that right now it would be impossible to purchase a freestanding house in Sydney’s inner ring for under $1 million and “will become increasingly difficult” to do so in Sydney’s middle ring.

The next highest average asking price is in Perth at $765,000. The Australian capital city average asking price is $755,100 and the national average is $486,600.

Official statistics are showing a slowdown in the growth of prices nationally but Sydney’s housing market is still hot with a 14.6% rise for the 12 months to the end of September.

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