Sydney's house values returning to "traditional levels"
Sydney's residential property market continues to show signs of recovery, after recent data revealed house values are steadily gaining value.
According to the latest Real Estate Institute of New South Wales (REINSW) Property Profile, the average house price in the Harbour City increased 6.1 per cent to $594,000 over the 12 months to December 2012.
The figures, which equate to a 4.2 per cent increase on house prices from the September quarter, indicate confidence is returning to the market.
That's the assertion of REINSW chief executive officer Tim McKibbin, who said the property market has started the year on solid footing.
"With confidence returning and stimulus in the form of interest rate reductions, I believe that the green shoots of improvement are evident and a platform for a far brighter future in 2013 has been constructed," Mr McKibbin commented.
The property expert said global uncertainty has also waned among consumers, with Australians beginning to realise the country's economy is robust and resilient - a trend that will fuel a recovery he added.
"Property prices are now returning to more traditional levels and we will start to see vendors coming into the market more strongly over the next 12 months. We should also see transaction levels increase, particularly in the more affordable areas of the market."