Over the September quarter, Sydney's median house prices broke surpassed the $700,000 barrier and reached a new high of $722,700. Sydney unit prices surpassed the $500,000 barrier to a new median record of $515,000 – reflecting an 11.7% and 10.2% leap respectively.
This comes after a decade of below-trend price growth, and is largely attributed to record low interest rates, extended periods of pent-up inactivity, low unemployment, rising confidence and strong appetitie and demand from foreign buyers. Chinese presence in Australia is burgeoning, and data from Juwai.com continues to show an unbroken streak of rising interest in Australian property listings. Currently, Melbourne is top of the game as the fastest growing destination for property searches, followed by Sydney and Brisbane.
In the midst of this news, Greenland Centre Sydney - touted as Sydney’s tallest residential tower with a tag line of “Like a diamond in the sky” - finally announced pricing for its 70-storey residential tower units to begin at $528,000.