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With a number of high-end properties selling across Sydney last weekend (February 23-24), the real estate market is starting to show signs of a stable recovery.
Numerous economic conditions, including an improving share market, a surge in Chinese investment and low interest rates are starting to have an effect, Fairfax reports.
Property experts have told Domain that as a result of an improving share market, there is increased confidence which filters through to other sectors, like real estate.
Real estate in Sydney is also enjoying growth through the Significant Investor Visa scheme - where wealthy individuals are provided with Australian visas in exchange for a $5 million investment.
As a result of those visas, wealthy people are searching for properties to live in while here.
It comes as data has shown that nearly 50 per cent of real estate owners who sold their home last year made at least one and a half times their original investment back.
Nearly 33 per cent of people doubled their buying price when they sold last year, the Herald Sun explained.
Sydney and Perth were named as regions that enjoyed the greatest returns, with 26 per cent of vendors in Sydney doubling their initial investment, while in Perth it was 43 per cent.
