Sydney’s median asking price for detached houses topped $1 million this week for the first time as sellers raised expectations in a booming market.

The median asking price rose $10,600 over the past seven days, according to Sydney-based data company SQM Research Pty. That’s the highest since the firm began reporting the data in April 2009.

Across Australian state and territory capitals, the median asking price for detached homes jumped $6,400 over the week to $755,100, the figures show.

Record-low central bank interest rates are fuelling a surge in demand from investors, which has regulators concerned that speculative buying is creating an unbalanced housing market.

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DISCLAIMER: This disclaimer is a requirement of the Securities Industry Legislation Act. The writer of this article is not a practicing lawyer or financier. The information, statements and opinions expressed are intended only as a guide as to some of the important considerations to be taken into account relating to property investment. I strongly suggest that you consult with licensed professionals such as accountants, Lawyers, Valuers, Development Consultants, Quantity Surveyors and others, BEFORE signing any contracts or other binding documents.

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