SMH: Sydney "property prices on the rise"

Mainstream media latches on: article from Sydney Morning Herald here.

"The combination of a shortage of stock and an abundance of buyers is pushing up property values across Sydney.

Interest rates are the lowest they have been for decades, and upgraders and investors are fighting it out at auctions, leading to clearance rates above 70 per cent most weekends. ''The auction market's the best it's been for 10 years,'' Australian Property Monitors senior economist Dr Andrew Wilson said.

Contrary to RP Data's analysis of house prices dropping last month, Dr Wilson said Sydney's median house price for auction sales jumped 1.1 per cent, and apartments 0.6 per cent, over April and May, compared with February and March.

Property priced below $2 million is "walking out the door".

RP Data will also report an exaggerated leap in Sydney dwelling prices at the end of the month.