As of yesterday, Sydney’s median asking price has pushed past the $1 million benchmark. This figure looks at freestanding houses, which includes terraces but excludes townhouses.
In this morning’s update, SQM Research’s Louis Christopher said that the median asking price for houses is now $1,005,800.
“Right now it would be impossible to purchase a free standing house in Sydney’s inner ring for under a million dollars, and will become increasingly difficult to purchase a free standing house in Sydney’s middle ring for under a million dollars,” said Christopher.
In July 2013 the median asking price moved into the $900,000 plus bracket.
The median asking price for a three bedroom home is not far behind having recently ticked over the $900,000 mark, with a clearly upwards trajectory.
The median asking price for units sits just below the $600,000 mark, having moved above $500,000 towards the end of 2012.
You can see their full break down here.
This article originally appeared on Property Observer.