House prices

House prices jumped $50k in 31 days

PHOTO: There currently isn’t enough supply for the huge demand to buy properties around Australia. Picture: NCA NewsWire / Damian Shaw Source: News Corp Australia

If the skyrocketing property prices continue, the median house value is going to break through the $1 million mark in some areas of Australia.

It’s grim news for those looking to jump on to the property ladder with Sydney’s median house value jumping by $50,000 in March alone — the equivalent of $1600 a day.

The CoreLogic data showed the biggest monthly increase in capital city property values since October 1988.

In Sydney, house values have jumped by a whopping $100,000 since New Year’s Day and if the soaring prices continue it could mean the median house price reaches $1.4 million by the end of the year.

“The last time Sydney housing values recorded a quarterly trend this strong was in June/July 2015. Following this brief surge, the pace of growth rapidly slowed as limits on investor lending kicked in to slow the market,” explained CoreLogic’s research director Tim Lawless.

Melbourne’s house prices haven’t jumped as high, with a $60,000 increase since the start of the year, but it does mean the median house value could reach staggering heights of $1 million just in time for Christmas Eve.