A new report by the Property Institute of Australia has revealed that the average cost of a home in Sydney has been rising by 2.5 per cent over the last year, the highest rate in the country.
The study, released on Thursday, also shows the average rent in Sydney’s CBD has risen by 3.3 per cent since last year and is set to rise by 4.5 to 7.3 times this year.
The study found the average annual price of a detached home in the CBD increased by 9.3 percent to $1.9 million over the past year.
The average price of an apartment in the city rose by 8.1 per cent to $5.5 million.
The highest average rent was in Sydney suburb of North Kensington, where it rose by 7.7 per cent.
The research found the median rent for a studio apartment in Sydney is $1,868 a week and the median income for a family in the area is $40,500.