Median Sydney house price reaches $1 million

Sydney’s median house price now stands at more than one million dollars – more expensive than London and fast catching up on New York’s property prices.

Experts predict first home buyers are being rapidly priced out of the market and renting will soon become the norm for Sydneysiders.

Today, Sydney’s median house prices increased to $1,000,616, an 8.4 percent increase for the June quarter alone.

The average unit will set you back more than $650,000, a jump of 6.6 percent.

Kylie and Jason Dowling recently listed their Abbotsbury home for sale and expect it to go for $1.1 million.

“We’re over the moon with the way the prices are going, it’s fantastic,” Mr Dowling said.

Abbotbury, 40km west of the CBD, has seen a 16 percent price increase in the past year.

“It’s not a surprise,” Domain’s senior economist Dr Andrew Wilson said.

“We expected this but we didn't expect it this soon.

“We've had an extraordinary quarter of house price growth. We'd have to go back to the 80s to see this level of house price growth.”