Sydney’s Housing Prices on the Rise

Housing in Sydney is becoming even more unaffordable with recent figures suggesting that property prices are growing at double the rate of Melbourne and Brisbane.

The rise over the last year of more than 6% is over double the rate of inflation and spells greater costs for new buyers in the market.

Figures from the Australian Bureau of Statistics show that the median cost of a property rose from $600,000 to $640,000 in the space of just six months last year.

There have been calls to reinstate the first home buyers grant, but this grant has also been criticised for falsely inflating property prices in the city.

Brisbane saw much smaller growth of just 3.7% over the last year and Melbourne experienced even lower growth at a rate of 3.3%.

The growth in Sydney was outstripped by Perth at 11% and Darwin at 7.7%, but these areas are overly inflated because of exposure to mining resources that are drawing large numbers of new workers to the areas.

Source: http://www.news.com.au/realestate/buying/sydney8217s-property-prices-on-the-rise-australian-bureau-of-statistics-figures-reveal/story-fndban6l-1226692372941