Australia’s house prices have experienced the steepest increase in almost 18 years surpassing record highs, with Sydney and Canberra taking the title as the cities enjoying the fastest quarterly acceleration on record.
The Domain House Price Report for the March 2021 quarter reveals property affordability is being pushed further out of reach for many desperate to get into the market, especially for houses.
The report also reveals capital cities have outperformed regional areas for the first time in over a year.
According to the report, the national median house price increased for the second consecutive quarter for the first time since 2009, adding another 5.7 per cent in the first three months of 2021 to reach a new record of $899,509.
“Record growth has mostly been driven by the record-low interest rates, improved household savings, low listing volumes, post-lockdown lifestyle changes, returning cashed-up ex-pats, government incentives, and soaring consumer sentiment,” … Read more