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Real estate in Sydney experienced a jump in value throughout 2012, new research shows.
Data from the Real Estate Institute of New South Wales (REINSW) revealed the median house price in the city's metropolitan area climbed 6.1 per cent to $594,000 in the 12 months to December when compared with the same period in 2011.
There was also a 4.2 per cent increase on the September 2013 quarter, with REINSW chief executive officer Tim McKibbin claiming the results are encouraging.
"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," he stated.
According to Mr McKibbin, the last six months has seen a shift in Australian attitudes, with more and more people realising that the country has a strong economy and robust trading partners.
Sydney's suburbs had mixed fortunes in 2012, with areas close to the CBD remaining relatively stable in price, while the middle and outer locales experienced rises of 2.9 per cent and 4.4 per cent respectively.
Improving employment figures and other positive economic indicators will continue to lead more vendors back into the market as 2013 progresses, Mr McKibbin concluded.
