Median price for Sydney home above $1m

House prices in Sydney and Melbourne are still going up, with the median house price in Sydney more than $1 million.

House prices have again lifted in Sydney and Melbourne, with the median price of a house sold in the Harbour City now at $1,000,500.

In Melbourne, the median house price was $715,549, according to the latest data from property information group CoreLogic.

Sydney's home values rose slightly more than Melbourne's - up one per cent compared to its southern rival's 0.8 per cent - in the week to June 25, from the previous week.

But the value of homes eased in Brisbane, Adelaide and Perth, with Adelaide dropping one per cent, the Queensland capital losing 0.3 per cent and Perth declining 0.2 per cent compared to the week before.

The median house price of properties sold in Brisbane was now $513,000, in Adelaide it was $443,500, and in Perth it was $505,000.

Hobart was the cheapest capital city with a median house price of $359,500.

The pattern is similar for units with Sydney top of the board at $738,000 and Hobart at the bottom on $286,500.

In the year to date, Sydney home prices have lifted by 5.4 per cent, Melbourne's are 4.8 per cent higher while prices in Brisbane and Adelaide have risen also risen, but by less, and in Perth they have contracted.

CoreLogic said the national auction clearance rate among Sydney, Melbourne, Brisbane, Adelaide and Perth remained below 70 per cent for the week to June 25.

Preliminary results showed 69.1 per cent of auctions cleared, compared to 66.7 per cent in the previous week, but compared to a year ago, they were relatively similar.

2 min read
Published 26 June 2017 at 11:40am
Source: AAP