The Sutherland Shire, between Botany Bay and Port Hacking in Sydney’s south, led the city’s strong house price growth in the June quarter.
The median house price in the Shire rose 12 per cent in the quarter to $1.12 million according to Fairfax Media’s Domain Group. The upper North Shore followed with median rising 11.4 per cent to $1.37 million.
The president of the Real Estate Institute of NSW, Malcolm Gunning, said the latest jump in the city’s median house price, to a figure over $1 million, was driven by “bottom up” price growth in Sydney’s south and west.
“We have seen significant growth in Sydney at the lower end of the scale, which has in turn driven the house price over $1 million,” he said.
He added that price growth in the inner city was starting to level out.
The median in the city and east rose just 4.4 per cent in the quarter, to $1.86 million. In the inner west the median rose 5.6 per cent to $1.4 million according to Domain Group.
Original Article sourced from AFR, All Credit to Robert Harley