Australian residential property values rise by 2.2 per cent in May

PHOTO: Hobart’s dwelling values rose by 3.2 per cent in May.

Housing markets continued to surge throughout Australia in May, with CoreLogic’s national Home Value Index rising by 2.2 per cent over the month.

The rise in May was a stronger result than April (1.8 per cent), but weaker than March, when values surged by 2.8 per cent, which was the highest month-on-month increase in 32 years.

CoreLogic’s Research Director Tim Lawless said growth conditions remained broad-based in terms of both geography and across the housing types and valuation segments.

“Values were up by more than 1 per cent across every capital city over the month, with both house and unit values lifting across the board,” Mr Lawless said.

He said that of the 334 SA3 sub-regions analysed by CoreLogic, 97 per cent recorded a lift in housing values over the past three months.

“Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” Mr Lawless said.

For the second time in three months, growth conditions in capital city home values outpaced the regional markets.