The median house price for Sydney is racing towards $1.5 million, while two other Australian capital cities have also passed $1 million (US$740,000), according to figures released on Thursday. The Domain House Price Report for the June 2021 quarter revealed that the Sydney median house price had reached over $1.4 million (US$1m) after rising an astonishing 8.2 percent over the quarter, or $1,200 per day. Over the year, prices grew by 24 percent—the fastest annual growth rate since Domain began the record in 1993. Domain’s chief of research and economics, Nicola Powell, described Sydney’s growth as unprecedented but expects the pace of growth to ease as more buyers get priced out of the market. “What we’ve seen this year is something Sydney hasn’t experienced before … it’s unparalleled,” Powell told Domain. “It exceeds the boom-time results of 2015 and even 2002.” The report found that all Sydney regions have hit record highs, …
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