Sydney house prices have skyrocketed by 70 per cent over five years while wages nationally have increased just 13 per cent over the same period.
Latest figures released by the Australian Bureau of Statistics (ABS) show house prices rose 6.1 per cent in Sydney in the three months to the end of December 2016.
The latest figures stretch the seemingly never-ending upward spiral of house prices even further. Over five years, house prices have surged 70.3 per cent.
But wages have grown by just 13.2 per cent across Australia in the same period, according to Australian National University economist Ben Phillips, highlighting how much harder it is to afford to buy a home.
Sydney house prices have gone up 6.1 per cent in the December 2016 quarter (Woollahra, Sydney, home is pictured in a stock image)
Over five years, house prices have surged 70.3 per cent in Sydney while wages have grown by just 13.2 per cent across Australia in the same period, according to Ben Phillips
The high prices growth in December in Sydney and Melbourne (6 per cent) dragged property prices around the country higher. Property prices nationally went up 4.1 per cent in the December quarter - the strongest growth since June 2015.
The residential property price index in Sydney rose 5.2 per cent in the same quarter, and 5.3 per cent in Melbourne.
Melbourne had the largest annual growth of all capital cities at 10.8 per cent, followed by Sydney at 10.3 per cent.
The total value of Australia's 9.8 million residential dwellings - houses and apartments - increased $274.2 billion to $6.4 trillion.
A 'for sale' sign is pictured in Melbourne, where house prices rose 6.0 per cent in the December 2016 quarter
Wages growth over five years is pictured according to Trading Economics and ABS data
The average Australian weekly wages are pictured over a five year period
The mean property price nationally is now $656,800. New South Wales has by far the highest mean property price at $864,900, followed by Victoria at $690,100. In the ACT that figure is $642,900.
Meanwhile, wages growth remains at record lows.
In February, ABS said the seasonally adjusted Wage Price Index (WPI) rose 1.9 per cent through the year to the December quarter 2016.
Seasonally adjusted, private sector wages rose 0.4 per cent and public sector wages grew 0.6 per cent in the December quarter 2016.
Western Australia recorded the lowest through the year wage growth of 1.4 per cent, and Tasmania had the highest of 2.4 per cent, according to the ABS figures released February 22.
This quarter, wage growth nationally is expected to be 2.4 per cent, according to Trading Economics.
A 'sold' sign is displayed outside a Balmain, Sydney, home