Towering diamond for the Sydney skyline - with nothing under the median in latest Greenland highrise

So today's news is that Sydney's median house prices broke through the $700,000 barrier over the September quarter to a record $722,700.

Similarly Sydney unit prices broke through the $500,000 barrier to a record median of $515,000.

That's 11.7% up over the past year for houses and 10.2% for apartments. After a decade of below-trend price growth, finally a spurt triggered by record low interest rates, a lengthy period of pent-up inactivity, rising confidence, supply issues, low unemployment and strong demand from offshore buyers.

By co-incidence Sydney's proposed highest residential block, the 70 storey Greenland Centre Sydney unveiled its pricing this week. 

Marketed as 'Like a diamond in the sky' - Sydney's tallest residential tower will have prices starting at $528,000 through CBRE residential director David Milton.

Set on the former Water Board site, the 115 Bathurst Street and 339 Pitt Street site has stage-one development approval for 400 apartments over up to 70 levels reaching 235 metres high. An initial building envelope design is pictured (below).

Beating off Harry Triguboff Meriton's 230-metre tall World Tower, which dates back to 2004, the new tower will appear considerably taller as it is built further up a ridge than World Tower.

No final design approvals with Australian-based company BVN named as the architect with responsibility for the appearance and apartment layout with the architect Woods Bagot practice managing documentation and interior design.

As I wrote earlier this year the arrival of the Chinese-based Greenland Group to Australian shores is an auspicious occasion. 

Greenland, which ranked 359th in the 2013 Fortune Global 500 up from 483rd in the 2012 list, has earned a reputation for landmark building projects highlighted by Breathing Tower, a 75-storey building in Wujiang, China.

“The healthy and stable property market in Australia has given big confidence to investors,” Zhang Yuliang, chairman of Shanghai Greenland, said at the time of its acquistion.

“New immigrants, including those from China, have boosted property purchase demand in the country and we expect it to be sustainable.”

The Chinese presence has been growing, initially as substantial direct investment in residential property, especially through the likes of Meriton apartment offerings, and more recently by a move into Sydney property development.

In 2011 CBRE estimated that foreign developers, most of them Asian, were responsible for nearly a third of new apartment developments across Australia, the strongest showing since the Japanese of the 1980s.

The Chinese property portal Juwai.com reports continued rising interest in Australian property listings with Melbourne the fastest growing destination for property searches, ahead of Sydney and Brisbane. 

Melbourne has been the major market for the property portal, AC Property, but its Sydney traffic has risen following its recent focus on the Sydney off the plan market offerings.

Some 42% want to spend less than $300,000; 34% between $300,000 to $599,000; 16% between $600,000 and $1 million; with the rest above $1 million.

Research by AC Property found mainland Chinese buyers follow local Chinese buying patterns seeking advice from family and friends in Australia before committing to purchase. The key triggers are having students studying abroad, migration and investment.

Photo: Initial Sydney Water Board scheme (right), courtesy of Kann Finch