Even with a recent slowdown in price growth, there's no denying that capital cities across the country continue to experience upward momentum.
According to Australian Property Monitors (APM), the national median house price increased 1.9 per cent over the June quarter. Meanwhile, units saw a 2.5 per cent growth over the same time period.
Sydney was the top market when it came to price growth. Median house prices in the Harbour City increased 3.1 per cent over the June quarter. Units saw even further growth, rising 3.9 per cent.
"December 2013 was the high watermark for Sydney's current growth cycle, however, the market continues to perform," APM Senior Economist Dr Andrew Wilson said.
"Sydney's median house price has smashed through the $800,000 barrier to a new record high. Over the 2014 financial year, the Sydney median house price increased by 17 per cent or just under $118,000."
At the same time, Dr Wilson pointed out that while cities like Sydney, Melbourne and Perth have been leading the market in price growth, annual results aren't likely to be what they were in 2013. Meanwhile, cities that were previously straggling when it came to value growth are now gearing up to take charge.
"Brisbane, Adelaide and Hobart are seeing confidence return to their local markets and are set to record stronger house price growth in 2014 compared to 2013," Dr Wilson said.
Still, even with significant price growth, Sydney has much to offer home buyers who know where to look. With the help of an experienced buyers agent, house hunters in Sydney can call a residence in one of the city's hottest suburbs home for a reasonable price.
Even studio and one-bedroom units in hotspots like Surry Hills and Potts Point can be found for under $500,000, according to a recent report from Herron Todd White.