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House prices leapt by nearly 30 per cent in one Sydney suburb over the past 12 months, and by double digits in a string of others, as the fastest quarterly price growth in two years set new records.

Sydney house prices jumped 3.4 per cent in the last three months alone, to a record median of $1.75 million, the latest Domain House Price Report for the September quarter found. Unit prices rose 1.9 per cent on the quarter to $840,422.

“Price momentum has been really building, but at different rates in different suburbs,” said Domain chief of research and economics Dr Nicola Powell. “The strength of the market has really kicked up a gear, helped by three cash rate cuts this year, rising consumer confidence, low supply and the 5 per cent First Home Guarant

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