Sydney Property Market Heads into Record-Breaking Territory

The majority of Sydney areas have reached their highest median prices of all time, claimed the Australian Property Monitors.

Canterbury and Bankstown are two of the suburbs with the highest rate of increase. Properties recorded around a 10% higher median price.

The inner west and the upper north shore also recorded good rates that climbed by 9.5% and 8% respectively over the same period.

Analyst Louis Christopher predicted in 2011 that properties in the outer areas of Sydney would out-perform the centre in terms of growth and this has been shown to be correct if the current trends are to be believed.

He now believes the increase could be coming to an end, because a rise in interest rates could cause the outer areas to underperform for some time.

The growth has been good for some at least with Fairfield reporting its first property sale of $1 million.

Source: http://www.yourinvestmentpropertymag.com.au/news/sydney-property-prices-break-record-177633.aspx