House prices rising at fastest pace in 32 years

According to an ABC report, Australian house prices are rising at the fastest pace in 32 years, as the Sydney and Melbourne property markets stage a full recovery from the short-lived COVID downturn.

Key points:

  • Home values in Sydney, Melbourne, Hobart, Canberra and Brisbane are at record highs
  • Capital city price rises outpaced regional markets for the first time in a year
  • Some economists expect regulators to introduce restrictions as risky lending increases

“It’s just quite remarkable to see this rate of increase across Australia,” CoreLogic’s head of Australian research Eliza Owen said.

Sydney prices had the most rapid rise, up 6.7 per cent over the first quarter of the year — the strongest quarterly growth since mid-2015.

Prices in Sydney, Melbourne, Hobart, Canberra and Brisbane are all at record highs.

Australian property price increases

“Housing values in regional areas are 11.4 per cent higher over the past year, demonstrating the earlier stronger growth trend,” CoreLogic’s research director Tim Lawless said.

The high demand and lack of supply means new listings are being snapped up rapidly — for every new listing added, 1.1 homes are sold.

“Such a rapid rate of absorption is keeping overall inventory levels low and adding to a sense of FOMO [fear of missing out] amongst buyers,” Mr Lawless said.

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