Sydney housing price hits $1 million

Sydney's average house price has soared through the $1 million mark for the first time.

Growth over the June quarter saw Sydney home prices leap 8.4 per cent to hit $1,000,616, surpassing median prices in London and drawing closer to New York, according to the Domain House Price Report.

But it's not bad news for everyone. The NSW government should be pleased, with the Property Council of Australia saying homes over $1m will be forced to cough up a minimum of $40,000 in stamp duty.