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PHOTO: Even Perth, which felt the sharpest drop in values of any capital city, house prices only lost 1 per cent of value in the last quarter to a median price of $527,2017.
Australia’s housing market has made a rapid turnaround, with prices in Sydney jumping almost $50,000 in just three months after the steepest downturn since the 1980s.
The national median house price increased 2.7 per cent in the past three months to $773,635, according to Domain’s September House Price Report.
In June 2019, the national median was $753,556, meaning house prices have jumped more than $20,000 in just three months.
In Sydney, the country’s biggest real estate market, house prices jumped 4.8 per cent – almost $50,000 – to an eye-watering median price of $1.079 million.
Even Perth, which felt the sharpest drop in values of any capital city, house prices only lost 1 per cent of value in the last quarter to a median price of $527,2017.
Sydney also has the most expensive flats in the country, with prices rising 2.6 per cent over the past three months to a median of $694,480, the report says.