There is still no relief for hopeful house-hunters in Sydney as the capital city records yet another record boom in property prices after a 'strong ' quarter . Dwelling values rose by 5.8 per cent in the Harbour city , a record growth and the strongest increase since April in 2009 , according to the latest figures from RP Data . It comes after the Reserve Bank cut official interest rates to 2.25 per cent in February , leading to a weekly 80 per cent auction clearance rate and an investor fuelled market . Scroll down for video . Sydney ’ s dwelling values rose by 5.8 per cent in the last quarter bringing the average median house price to $ 690,000 . It 's thus no surprise to see properties across the capital city sell for well over the $ 1 million mark like this Ryde residence in Sydney ’ s north west which sold for $ 1.8 million on the weekend . Set on 565 sqm , the four bedroom property features a deluxe spa bath , two terraces , three bathrooms and a fireplace . 'Although household income growth is minimal , Sydney 's housing market continues to reach new record highs , with values increasing over the past 35 months , ' Tim Lawless , the head of research at CoreLogic RP Data , said . 'It does pose the question of how much longer the growth can persist . ' Sydney 's performance drove the quarterly national dwelling value to heighten by 3 per cent , despite Brisbane , Adelaide and Perth suffering significant declines over the quarter . 'Although value growth has started 2015 on a strong note , the annual rate of growth has moderated back to 7.4 per cent , which is the slowest annual growth rate since September 2013 , ' Mr Lawless said . This five-bedroom home at 39 Holmes Street , Maroubra in Sydney ’ s eastern suburbs sold for $ 2 million on Saturday . Across two levels it features open plan living areas , a chic kitchen with stone benches and three bathrooms with a stand-alone bath . Sydney 's performance drove the quarterly national dwelling value to heighten by 3 per cent , despite Brisbane , Adelaide and Perth suffering significant declines over the quarter . 'Despite the headwinds of softer labour markets , very low rental yields , increased oversight on lending conditions and heightened economic uncertainty , historically low mortgage rates appear to be adding further stimulus to the housing market , albeit that stimulus is largely being felt in Sydney . ' The median house price across the combined capital cities is now $ 530,000 , with Sydney being the only city to surpass the figure with a median of $ 690,000 . Canberra surprisingly performed second best to Sydney over the quarter with a 4.1 per cent increase in dwelling values leading to a $ 530,000 median house price , followed by Melbourne at 3.5 per cent and $ 518,000 . The remaining capital cities were all under 1 per cent with Hobart at 0.9 per cent and Darwin at 0.4 per cent . Perth took out the last place at -2.7 per cent despite beating Hobart and Darwin over the year . This five-bedroom home at 95 Chelmsford Street , Newtown in Sydney ’ s inner west , sold for $ 2.3 million on Saturday . It has four levels on 290sqm with high ceilings , three bathrooms , courtyard gardens and a self-contained studio . The median house price across the combined capital cities is now $ 530,000 , with Sydney being the only city to surpass the figure with a median of $ 690,000 . Canberra surprisingly performed second best to Sydney over the quarter with a 4.1 per cent increase in dwelling values leading to a $ 530,000 median house price . Hobart has maintained its position as the most affordable position by a longshot , with a median dwelling price of just $ 310,000 . Mr Lawless offered a word of caution to investors with their eye on Sydney however , suggesting the market could soon begin to 'lose momentum ' . 'There is some risk that recent investors could be left holding a very expensive but low yielding asset with a lower than expected rate of capital gain over the coming years , ' he said . 'From there it will be interesting to see if they bide their time in the housing market or exit to other asset classes with a stronger return profile . ' This home at 260 Holden Street , Ashbury in south-western Sydney , sold for $ 1,781,000 over the weekend . It too features five bedrooms , three bathrooms , a self-contained studio , a huge outdoor entertaining area and established gardens . RP Data 's Tim Lawless offered a word of caution to investors with their eye on Sydney , suggesting the market could soon begin to 'lose momentum '
Dwelling values rose by 4.1 per cent in Sydney over the last quarter , the strongest increase since April 2009 . The increase has brought the median house price to $ 690,000 in the Harbour city . Sydney 's strong performance led the national dwelling value to heighten by 3 per cent . Canberra performed second best with a 5.8 per cent increase followed by Melbourne at 3.5 per cent and $ 518,000 .