Sydney house prices at record levels

House prices in Sydney have reached a new milestone.

Sydney's A$609,300 median house price is 14.7 per cent higher than a year ago, reflecting the highest annual growth since the end of the last boom in early 2004, the SMH reported today.

It is the first time the median has jumped above A$600,000, said the newspaper.

But Melbourne narrowed the difference with a 27 per cent annual jump to A$549,980, according to the March quarter figures from Australian Property Monitors.

* The New Zealand city with the highest median house price is Auckland, where the March figure was $475,000.