House prices expected to rise in Sydney
Property market experts believe that house prices in Sydney have started to move upwards.
New figures released by the Australian Property Institute (API) have indicated that New South Wales is outperforming other states on the east coast and this pattern looks likely to continue over the next few years.
Although the higher prices may put a few people off taking out a mortgage, it will inevitably encourage more homeowners to put their houses up for sale – which will hopefully get the market moving again.
Earlier this month, the Real Estate Institute of Australia revealed that median house prices across the country had grown by 1.4 per cent in the June quarter of 2012, although it is clear that some areas are performing far better than others.
"In one year's time, residential property is seen as having commenced the upswing in Sydney and Brisbane, with Melbourne seen as reaching the bottom of the cycle," a representative from the API stated.