House prices steadily climb nationwide
Confidence appears to be returning to Australia's residential property market, with recent figures showing house prices continue to rise nationwide.
According to data from the Real Estate Institute of Australia (REIA), the capital city weighted average median price for houses lifted 3.8 per cent over the December quarter, while 'other dwellings' saw a jump of 2.4 per cent during the same period.
Melbourne and Hobart recorded the biggest growth in residential real estate prices, with a 7.8 per cent and 7.4 per cent increase respectively.
Adelaide and Perth enjoyed modest rises of 2.4 per cent and 3.3 per cent, while Sydney remains the country's most expensive property market with an average house price of $656,415.
REIA president Peter Bushby said the latest results are an encouraging sign for the country's real estate sector and a positive start to the year.
"Compared to the December quarter of 2011, the weighted average price has increased by 3.8 per cent. Darwin recorded the largest increase over that 12 month period (12 per cent), while the median price declined in Canberra by one per cent," Mr Bushby explained.
"Investors are holding firm with strong yields, thanks to tight vacancy factors and the impact on rental returns coupled with lower borrowing costs."