Real estate in Australia is slowly gaining momentum as vendor asking prices have steadily risen over the last year, new data has revealed.
An SQM Research index that calculates asking prices showed prices have increased by 1.5 per cent for houses over the past 90 days, while units enjoyed 0.4 per cent growth.
The rise has been attributed to a market that is seeing more confidence among vendors, and a greater demand by buyers is helping to push up values.
Of all the capital cities, Darwin, Sydney and Perth are all enjoying the greatest rise in asking prices. May 2012 was considered to be the bottom of the market, so the data has shown the sector is on the upswing.
Over the last year, Darwin has been the standout performer, which can be traced back to a booming economy from resources projects and population growth.
The Northern Territory capital saw a 19.9 per cent rise in its asking prices for units, while houses rose by 11.9 per cent.
Sydney also saw substantial growth, with units commanding 5.3 per cent more when being sold. Houses fared nearly as well with a 4.3 per cent increase.
Units were far and away in greater demand in Perth over the last 12 months, with asking prices rising 5.9 per cent, while houses saw a 2.1 per cent jump.
