Craig

Now, this is driven by increased borrowing capacity from rate cuts and ongoing supply shortages.

According to the latest Domain House Price Report,

The city's median house prices climbed to $1.722 and change.

That is rising 4.2% or $68,000 over the year to June.

And looking at the unit prices, once again, they have surged up 3.2% to a median of $834,000 and change, an annual rise of $25,000.

Experts are saying that escalating house prices are pushing more buyers towards units.

And the gap between the two is now at a record 106%, with houses costing more than double the price of units.

So let's go and catch up with Joel Bowman from Domain.

And good morning to you, Joel.

Welcome into the Real Estate Breakfast podcast.

First off, as I mentioned, recent rate reductions have boosted borrowing power and really has supercharged in Sydney the price growth.

Yeah, so if you have a look at South West Sydney, that does lead the house price growth 10%.

It is up to 1.21 mil, while Parramatta follows at 8.8%.

And surprising, the outer South West also saw the highest unit price growth at 6.7%.

So there seems to be pretty good appetite in those spots.

Good morning, Craig.

Thanks for having me.

Yeah, so we've seen a bit of a shift in the Perth market with really strong results in suburbs that we've never seen hit those prices before.

I guess we're seeing a lot of suburb records in a lot of these areas and it's purely based on the property itself.

So people are putting more emphasis into the actual property rather than the area.