More Sydney homes join $500,000 club

Houses in more than half of Sydney's suburbs are now valued at more than $500,000, with median prices soaring 32 per cent over the past 12 months. Dwellings in 27 of the city's 43 municipalities now have a median price of at least $500,000, with Marrickville, Hornsby, Sutherland and Hurstville the latest suburbs to join the half-a-million club. Other recent additions are Ryde, Botany and South Sydney. Two years ago, only 11 of the 43 municipalities had median house prices over $500,000.

Overall, the median house price for Sydney rose 7.5 per cent to $417,000 in the September quarter. The middle suburbs fared the best in terms of price increases, with areas such as Manly, Kogarah and Strathfield rising 8.4 per cent over the quarter to a median of $515,000, for a total 28 per cent growth over the past year. The median price for inner-Sydney houses, including suburbs like Leichhardt and Mosman, rose 6.9 per cent in the September quarter to $712,000, up 22 per cent for the year.

Prices in suburbs on Sydney's outskirts rose 4.7 per cent in the quarter to $335,000, while the Wollongong region saw a 10.8 per cent growth to $277,000. In the far west, near Broken Hill, the median house price is $39,000, NSW's most affordable housing.