Australia’s Remarkable Housing Market on the Up and Up
As we plunge into an Aussie winter house prices continue to boom across all Australian capital cities.
The Covid-19 property renaissance has surged with housing prices up more than 2% in May.
Hobart leads the nation with an increase of 3.2% growth rate since April, followed by Sydney with a three percent surge.
Regional areas have seen a slower rise in property prices last month compared to their city counterparts, but their prices increased more over the past year (15.2% versus 9.4%).
CoreLogic’s research director Tim Lawless said growth conditions are not bound by geographical and housing types.
“Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” he said.
“This imbalance between demand and supply is continuing to create urgency amongst buyers, contributing to the upwards pressure on housing prices.”
- Tim Lawless
The National Briefing
The clincher to Australia's housing boom is seen in the highest tally of home loans the market has witnessed in more than two years.
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