Sydney's median house price has tipped back over the $1 million mark, cementing its place as the most expensive Australian city to buy a property.
New data from property research firm CoreLogic shows on an annual basis, Sydney's property prices have increased 10.9 per cent.
That means the market is now just months away from meeting – and exceeding – the peak of the housing market in June 2017 when Sydney's median house price was nudging $1.1 million.
As it stands in February, Sydney's median house price is $1,001,357. The median unit price is now sitting at a staggering $763,962 and the combined dwelling value is now $872,934.
It's enough to bring tears to the eyes of hard-saving first home buyers – but the situation looks similar around the country.
In Melbourne, the country's second biggest property market, values are now growing by 10.7 per cent a year.
The median house price in Melbourne is now $809,719 and the median unit price is $384,396.
The cheapest capital city to purchase a home is Darwin, where houses are running a median cost of $469,526.
Adelaide comes a close second in the affordability scale, with a median house price of $477,129.
In Brisbane the median house value is now $551,766, in Perth it is $458,582 and in Canberra it is a rapidly-rising $704,865.
CoreLogic Head of Research Tim Lawless says owners and potential buyers can expect to see broad gains to come.
"The primary factors driving this rebound remain in place and include an extremely low cost of debt and improved borrowing capacity," Mr Lawless said.
"However, considering the sluggish pace of household income growth, housing affordability is eroding rapidly which is likely to see some parts of the market to become less active."
He also said the coronavirus outbreak could have an effect on the property market, however slight.
"A more significant downturn in consumer sentiment related to the coronavirus outbreak could become a determining factor that impacts the market over coming months," he said.
"While housing demand is now relatively insulated from a downturn in foreign buyers, the economic impact on key export sectors such as education, tourism and commodities is likely to result in weaker economic conditions and lower consumer sentiment.
"Consumer sentiment readings are already low, and a further deterioration could see housing market activity start to slow."
Australia's Capital City Median House Prices*:
Median House Price:
*CoreLogic Home Value Index February 2020. Does not include unit prices.
Source: 9News https://www.9news.com.au/national/australia-property-prices-average-sydney-house-now-worth-more-than-1-million/30c7cd78-fff2-49c0-8472-80a74fbfb145