House costs surge on the quickest tempo in 18 YEARS with values climbing by 3% in a single huge metropolis in only one month
- Capital metropolis property costs rose by 2.1 per cent in February – quickest since 2003
- Sydney’s median home worth rose by even higher 3 per cent to $1.061million
- Melbourne’s mid-point worth rose by above-average 2.4 per cent to $829,509
Australian home costs have surged by the quickest tempo in 18 years.
Capital metropolis property costs climbed by 2.1 per cent in February – the steepest month-to-month enhance since August 2003, CoreLogic knowledge has revealed.
Sydney’s median home worth soared by an much more spectacular 3 per cent final month, marking a dramatic turnaround from 2020 as Covid shutdowns harm Australia’s greatest actual property market.
The mid-point worth for a house with a yard now stands at $1.061million.
Melbourne remarkably additionally posted above-average progress with median home costs rising by 2.4 per cent to $829,509.
Australian home costs have surged by the quickest tempo in 18 years – with values climbing by 2.1 per cent, the quickest since August 2003. Sydney’s median home worth final month climbed by an much more spectacular 3 per cent. Pictured is an upmarket home at Woollahra
CoreLogic analysis director Tim Lawless mentioned median home and house costs in Australia’s two greatest cities have been on the verge of hitting new document highs.
‘Whether this newfound progress in Sydney and Melbourne will be sustained is unclear,’ he mentioned.
‘Both cities are nonetheless recording values under their earlier peaks nonetheless at this present charge of appreciation, it will not be lengthy earlier than Australia’s two most costly capital metropolis markets are transferring by new document highs.’
House costs final month rose in each capital metropolis because of record-low rates of interest, an financial restoration from the coronavirus shutdowns and low provide ranges.
Hobart’s median worth climbed by 2.5 per cent in February to $572,188.
The Tasmanian capital is now solely marginally cheaper than Brisbane, the place mid-point home costs rose by 1.6 per cent to $593,232, and is pricier than Perth, the place median home costs elevated 1.6 per cent to $513,566.
Canberra values surged by 2.2 per cent in a single month, with median home costs within the nationwide capital now standing at $797,421.