<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Sydney's house prices have hit a new record high after the city recorded its strongest quarterly lift in two years, buoyed by increased competition and interest rate cuts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>New data by Domain showed the median house price jumped 2.6 per cent between March and June, rising from more than $1.6 million to $1.7 million for the first time.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It was the fastest quarterly rise in two years.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/brisbane-city-watchhouse-death-in-custody/f8704ced-9caa-4bf3-9a8e-f539c5d29137" rel="" target="_blank" title=""><strong><span>Man dies in custody three days after being arrested</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The suburb that saw the highest price growth was South Wentworthville in the western suburbs, which rose 37 per cent to reach a new median house price of $1.25 million.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It was followed by Cammeray at 26 per cent, Sans Souci at 23 per cent, Bankstown at 21 per cent and Lakemba and Mount Pritchard, both at 20 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The most expensive suburbs did not see much change and remained Bellevue Hill at a median of $9.9 million, Vaucluse at $7 million and Bronte at $6.2 million.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/sydney-median-house-prices-reach-record-high-of-more-than-1-million/1bd2db7f-b4e4-443b-91fd-dbc5b6b353d7" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The most affordable homes are in Oxley Park at a median of $757,500, Werrington at $760,000 and Tregear at $780,000.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Growth has shifted out west, and I really do think it reflects that buyers are looking for those pockets of affordability, and that does mean those outer west suburbs have seen a boost in price growth," Domain chief of research and economics Nicola Powell said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/finance/homeowners-facing-higher-mortgage-stress-despite-lower-interest-rates/769f1c71-fe0b-4c0b-a170-4da47f89d413" rel="" target="_blank" title=""><strong><span>Homeowners facing higher mortgage stress despite lower interest rates</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Unit prices have also hit a new peak, reaching a median price of $834,000 in June.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That figure is up by 1.5 per cent from $822,000 in March.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Apartments in Forest Lodge, Kingswood and Darling Point recorded the highest growth, with units in Darling Point selling for a median of $2.9 million.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Mount Druitt, Cabramatta and Fairfield remain the most affordable, with units selling for about $430,000.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Reserve Bank slashed interest rates for the first time in more than four years in February, and then again in May.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The central bank held rates steady at 3.85 per cent at its latest meeting in July.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f"><em><strong><span>DOWNLOAD THE 9NEWS APP</span></strong></em></a><em><strong><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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