19 December 2014 - Homeowners receive $120,000 Christmas present

The average homeowner in Sydney has received a substantial financial boost this Christmas, according to the Real Estate Institute of New South Wales.

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 more wealthy 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.

“These increases prove the value of purchasing you own home, with bricks and mortar 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.

“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,” Mr Gunning said.