Sydney Housing Welcomes the New Financial Year with a Bang

Bwahahahaha
http://www.smh.com.au/domain/real-e...w-1-million-domain-group-20150722-gihvty.html

The double-whammy of the lowest interest rates since the 1960s and an investor frenzy has seen Sydney's median house price smash through the magic $1 million mark for the first time.

Sydney's median is now higher than than average house prices in London and is fast approaching New York, the Domain House Price Report, released on Thursday, says.

 

"The median house price has increased by almost $200,000 in a year or 22.9 per cent, which is one of the highest annual growth rates ever recorded by the city".

That's more than the average salary earner takes home in net wages for 3 years!

 

Obviously you don't pay a home purchase in one go. And it's usually dual income. And more likely that average wage earners are renting not buying.

 

So do you think these prices are sustainable?

 

Well if the foreign buyers or locals with foreign connections keep coming in why not. Like our property prices are still cheap in USD and CNY terms.