Sydney’s Property Price Growth Mild Compared To Past Booms

While Sydney’s property market reflected strong growth with areas such as the inner west experiencing accelerated price rises due to high demand from professionals, it is neither a boom or bubble scenario, according to property research analyst, Residex.

Residex reported that Sydney housing prices have increased by 9.3% based on a 12 month period to August 2013. This capital growth lifts the median house price to $729,000.

According to Residex’s chief executive John Edwards, the inner west of Sydney is once again exhibiting the typical traits that have previously made it the engine room of the country in terms of price growth.

Edwards said that Sydney is expected to lead the markets and be at the forefront of a period of moderate to strong growth.

While some capital cities experienced subdued or negligible price growth, Darwin, Perth, and Brisbane recorded modest improvements.

Darwin property prices rose 5% increasing the median house price to $572,000. Perth property prices increased 4% taking the median house price to $506,000.