Selling conditions look up in capital cities
According to the Bendigo Bank/Real Estate Institute of Australia Real Estate Market Facts report, median property prices for capital city houses spiked 1.4 per cent in the last quarter, while the average cost of apartments and other dwellings increased by 0.4 per cent.
The latest numbers are likely to be welcomed by those in the property selling market, favourable conditions and increasing confidence in the sector enhancing returns.
One expert said it was a sign consumer sentiment was growing in the real estate sector.
"People have been putting the big decisions such as up-sizing or down-sizing their housing on hold for some time now, but there is evidence to suggest that activity in the property market is beginning to build again," Bendigo and Adelaide Bank Executive said in a News Limited report.
Hobart proved to be the best performing market during the last quarter, with house prices surging upwards by 4.8 per cent. Comparatively, Canberra emerged as the worst market for the same time period, with a five per cent decline.
The latest results are on top of a promising start to the spring auction season in a number of capital cities, with clearance rates up from this time last year.