The price of Australian property prices in Sydney has risen and returned to 2004 levels, an economist has claimed.
St George Bank chief economist Justin Smirk said that the property market in the city was no longer "frothy" or "unpredictable".
"With prices back to 2004 levels, the easy bargains have gone. However, we believe there are still opportunities for homebuyers who are prepared to do the research," he said.
Mr Smirk noted that the property in Sydney is fragmented, as some areas experience growth while others suffer falls.
He said that well-researched homebuyers will realise which areas are growing and so can make a smart move into the market.
Earlier this month, the Australian newspaper reported that the government of New South Wales had approved plans for a new development on Sydney's foreshore.
The Barangaroo urban regeneration project is to cost $6 billion (£3.8 billion) and feature both residential and commercial Australian property.
Posted by Steve Douglas
