Buying Australian property in Sydney remains top of the ladder, however, other major cities are closing the gap, according to new figures.
The Australian Property Monitors reported that Sydney's AUS$609,300 (£370,886) median house price is 14.7 per cent higher than in 2009 and the first time that it has jumped above the AUS$600,000 barrier since 2004.
However, the Sydney Morning Herald reported that Melbourne closed the difference with a 27 per cent jump to AUS$549,980.
Darwin also recorded a 15.7 per cent annual growth to AUS$576,000, coming second behind the median price of properties in Sydney.
Matthew Bell, an economist with the Australian Property Monitors, said: "With three capital cities all within ten per cent of Sydney's median house price it's quite possible that, longer term, Sydney might lose its number one ranking."
This data was backed up by figures from the National Housing Supply Council, which said that Australian property building in Sydney costs more than in other large cities.
Posted by Craig Francis
The Australian Property Monitors reported that Sydney's AUS$609,300 (£370,886) median house price is 14.7 per cent higher than in 2009 and the first time that it has jumped above the AUS$600,000 barrier since 2004.
However, the Sydney Morning Herald reported that Melbourne closed the difference with a 27 per cent jump to AUS$549,980.
Darwin also recorded a 15.7 per cent annual growth to AUS$576,000, coming second behind the median price of properties in Sydney.
Matthew Bell, an economist with the Australian Property Monitors, said: "With three capital cities all within ten per cent of Sydney's median house price it's quite possible that, longer term, Sydney might lose its number one ranking."
This data was backed up by figures from the National Housing Supply Council, which said that Australian property building in Sydney costs more than in other large cities.
Posted by Craig Francis
