Real estate prices across Australia have increased by more than 20% in the last year, according to the National Property Council (NPCC).
The average house price in the nation has increased by 30% in that time, the NPCC said.
The figures show the national median price is $1,400,000, up 8.3% from the year before.
The median price for a property in the state of Victoria, where the average price is just $950,000 is up 4.6%.
The average price in Sydney is now $1.8 million, up 6.3%.
Sydney’s median house price is up 2.4%.
The national median is about $2.1 million, down 1.4% on the year.
The average price of a house in Perth is now about $3.6 million, more than double the median price.
The NPCC figures are in line with a number of reports which have also shown a significant increase in Sydney house prices.
It’s worth noting that the NPC did not look at the Sydney median or median value.
The Sydney median was $1 million in 2015.
However, this year’s figures indicate the median house value is now nearly $5 million higher.
The median price of properties in the city has also risen, with the median property price now around $4.5 million.
More: The median property value in Melbourne has increased 11.6% to $1m, according the Real Estate Institute of Australia.
In Sydney, the average value of a property is now more than $6 million.
A recent report by the Sydney Morning Herald showed that Sydney has experienced a price bubble since the middle of last year.
In December 2016, the median home price in Melbourne was just $4 million.
The median home value has increased $1 billion since the start of the year, the report found.
In the past year, Sydney has had a strong recovery in property values, and the latest figures show that it is on track to be one of the best-performing housing markets in Australia.
Source: http://www.abc.net.au/news/2016-11-03/australia-sydney-island-real-estate-surges-home-price/48283811.html#.UYv5WZ1sQgIt has also seen strong gains in the number of properties sold in the capital.
As of the end of November, there were more than 11,000 properties on the market, up from 9,000 at the end a year ago.
And with a record number of people applying for mortgages this year, demand for Sydney’s housing market is expected to continue to grow.
If you are interested in buying property in Sydney, you can find a real estate agent and apply online.