SMH reports the same, which is what I've been expecting to happen since long before I started blogging: record new prices in Sydney, forced by a booming population, and a supply which fails to meet demand adequately:
"Australia's most expensive city just got more expensive with the median house price fast approaching $700,000.
Sydney house prices have risen 2.7 per cent over the June quarter to reach an all-time high of $690,064, figures from Australian Property Monitors show.
Sydney continues to tower above the national house price median, which grew 2.8 per cent to a new peak of $564,325.
The senior economist at APM, Andrew Wilson, said the property market had been "jet-propelled by the lowest interest rates in decades, rising confidence and continued generally solid economic performances".
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Year-on-year house prices in Sydney have jumped by 6.7 per cent – three times the rate of inflation.
Apartment prices are also on the up, rising by 2.4 per cent in Sydney over the June quarter to a new high of $491,845."
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