House prices surge at the fastest pace in 18 YEARS with values climbing by 3% in one big city in just one month
- Capital city property prices rose by 2.1 per cent in February – fastest since 2003
- Sydney’s median house price rose by even better 3 per cent to $1.061million
- Melbourne’s mid-point value rose by above-average 2.4 per cent to $829,509
Australian house prices have surged by the fastest pace in 18 years.
Capital city property prices climbed by 2.1 per cent in February – the steepest monthly increase since August 2003, CoreLogic data has revealed.
Sydney’s median house price soared by an even more impressive 3 per cent last month, marking a dramatic turnaround from 2020 as Covid shutdowns hurt Australia’s biggest real estate market.
The mid-point price for a home with a backyard now stands at $1.061million.
Melbourne remarkably also posted above-average growth with median house prices rising by 2.4 per cent to $829,509.
Australian house prices have surged by the fastest pace in 18 years – with values climbing by 2.1 per cent, the fastest since August 2003. Sydney’s median house price last month climbed by an even more impressive 3 per cent. Pictured is an upmarket house at Woollahra
CoreLogic research director Tim Lawless said median house and apartment prices in Australia’s two biggest cities were on the verge of hitting new record highs.
‘Whether this newfound growth in Sydney and Melbourne can be sustained is unclear,’ he said.
‘Both cities are still recording values below their earlier peaks however at this current rate of appreciation, it won’t be long before Australia’s two most expensive capital city markets are moving through new record highs.’
House prices last month rose in every capital city as a result of record-low interest rates, an economic recovery from the coronavirus shutdowns and low supply levels.
Hobart’s median price climbed by 2.5 per cent in February to $572,188.
The Tasmanian capital is now only marginally cheaper than Brisbane, where mid-point house prices rose by 1.6 per cent to $593,232, and is pricier than Perth, where median house prices increased 1.6 per cent to $513,566.
Australia’s most southern capital city is also dearer than Adelaide, where house prices edged up 0.8 per cent to $509,148 and Darwin, where mid-point house prices rose 1.3 per cent to $508,410.
Canberra values surged by 2.2 per cent in one month, with median house prices in the national capital now standing at $797,421.