Property prices in three of NSW’s major population centres are on the increase, but are still down on the same time last year, latest figures show.

A June quarter snapshot released by the Real Estate Institute of NSW on Tuesday shows increasing prices in Sydney, Newcastle and Wollongong, while rental vacancies across the state remain at low levels.

“There is definitely some good news coming through with respect to property prices across Sydney, Newcastle and Wollongong,” institute president Steve Martin said in a statement.

“Over the June quarter, Sydney’s median house price has increased by 3.02 per cent to $544,000, which is definitely a move in the right direction. Units are also doing well in Sydney, with a 2.63 per cent increase to $382,000.

“There is, however, room for more improvement as the median house price in Sydney remains down 0.42 per cent over the period June 2008 to June 2009.”

In Newcastle, house prices rose by 1.27 per cent, while there was a significant drop in the median price of units, down 4.53 per cent to $295,000.

On the state’s south coast at Wollongong, median house prices dropped fractionally (0.14 per cent) to $368,000, however units increased by 3.46 per cent to $299,000.

Sydney’s rental vacancy rate for the quarter was 1.3 per cent.

AAP