Australian Property Monitors' (APM's) quarterly report for the three months leading up to December revealed a small rise in Australian median house prices, the first for five consecutive quarters.
The rise reflects impressive activity in the Sydney and Melbourne markets at the end of last year, according to the Real Estate Institute of New South Wales.
Melbourne saw the biggest rise in price growth, jumping by 1.1 per cent, while home values in Sydney remained steady after a steep fall in the previous quarter.
APM senior economist Andrew Wilson said Melbourne had seen some top-end activity which pushed prices up at the end of 2011.
"This result is significant as it shows an end to a recent trend of falling prices over the past year, with the realistic potential for a sustained turnaround in some markets," the economist added.
The APM's report also revealed that units had survived the overall property crisis better than houses.
Posted by David McElwain