Homeowners $120,000 richer this Christmas

Homeowners $120,000 richer this Christmas

by 1 comments

The average homeowner in one capital city has received a substantial financial boost this Christmas, according to a peak industry body.

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.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How effective are testimonials as a marketing tool?

Not effective at all
Somewhat effective
Very effective
They are the most effective tool there is
Do you have an industry update?