PHOTO: Darling Point unit prices increased 97.5 per cent over five years to $2.35 million. Photo: Steven Woodburn

The majority of Sydney home owners who bought property more than five years ago are reaping extraordinary price growth despite steep declines in the past year.

The median house price is on the verge of hitting the $1 million mark for the first time in four years, but almost every Sydney suburb recorded strong equity gains, according to Domain data.

The median in the western suburb of Pitt Town — 59 kilometres north-west of the CBD — increased 91.9 per cent over the five years to March this year, a rise from $614,904 to $1.18 million, the largest price growth in Sydney.

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