Sydney House Values Breach $600,000

The median value of Sydney houses has breached the $600,000 mark for the first time property information specialists 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%.

Perth and Western Australia Country struggled meanwhile, 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.