The average homeowner in Sydney has received a substantial financial boost this Christmas, the Real Estate Institute of New South Wales (REINSW) has said.
REINSW president Malcolm Gunning said the median Sydney house price in Sydney is $843,884, an increase of 16.6 per cent – or $120,000 – from last year.
“Those who have chosen to purchase real estate in the Sydney market should be feeling more wealthy this Christmas,” he said.
Mr Gunning said the good news should translate into “confidence and security”, which will continue to underpin the Sydney market.
“It really has been a great period for growth and for the average property to be worth an extra $120,000 there could be a few extra presents under the Christmas tree this year,” he said.
“These increases prove the value of purchasing your own home, with bricks and mortar a solid investment.”
Demand in the Sydney market remains “very strong” according to Mr Gunning, who predicts growth should continue into 2015.
“We will see more activity in established homes as the boost in confidence may see an increase in those seeking to cash out of the Sydney market, especially retirees and young families,” he said.