PHOTO: Australian property prices are going higher but for how much longer? (Photo by Michael Allio via Getty Images)
- The housing recovery appears to have swept up every one of Australia’s capital cities, with prices rising in all eight in January according to research house CoreLogic.
- Sydney and Melbourne continue to lead the charge, as prices grew 1.1% and 1.2% over the month, as each approaches their respective 2017 peaks.
- However, CoreLogic head of research Tim Lawless notes the rate of growth appears “unsustainable” without the economic fundamentals to help support it.
Australian property prices are locked in unusual agreement, uniformly rising in every single capital city across the country, according to the latest figures from property research house CoreLogic.
In the month of January, Melbourne and Sydney prices jumped 1.2% and 1.1% respectively, again leading the national market higher. Hobart put on 0.9%, Brisbane 0.5%, Adelaide 0.2% and the bush capital Canberra even managed 0.3% as some of those same properties faced destruction from encroaching bushfires.
“Australia’s housing value rebound continued into 2020 with the CoreLogic national home value index up by 0.9% over the first month of the year. This now takes the annual growth rate to 4.1%; the fastest pace of growth for a twelve-month period since December 2017,” the CoreLogic January report, supplied to Business Insider Australia, said.
Meanwhile, even the nation’s weakest performers Perth and Darwin scratched out the smallest of monthly gains, after five-year slumps.
Australian property prices according to CoreLogic.
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