The Real Estate Institute of NSW (REINSW) president Malcolm Gunning said the median house price in Sydney is $843,994 – an increase of 16.6 per cent, or a $120,000 jump on last year.
“Those who have chosen to purchase real estate in the Sydney market should be feeling wealthier this Christmas,” Mr Gunning said.
“This translates into confidence and security, which is underpinning the Sydney property 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 added.
Mr Gunning said these increases prove the value of purchasing your own 'bricks and mortar' is a solid investment.
“Demand in the Sydney housing market is very strong, and although it may level out slightly, growth should continue into 2015 as interest rates remain low,” he said.
“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.”