Australian property prices

PHOTO: Sydney’s median property price lifted 1.8pc to $1.04 million in August. (ABC News: Nicole Chettle)

Australian house prices have become even more expensive, with coronavirus lockdowns across NSW, Victoria and the ACT having practically no impact on property values.

The nation’s median property price lifted by 1.5 per cent last month (to $666,514), according to the latest CoreLogic data.
Houses and apartments in nearly every capital city were even pricier, with Hobart (+2.3pc), Canberra (+2.2pc) and Brisbane (+2pc) posting the biggest increases.

Prices in the other capitals also went up sharply, including Adelaide (+1.9pc), Sydney (+1.8pc) and Melbourne (+1.2pc). But Darwin was the outlier, with prices down 0.1 per cent last month.

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However, this month’s figures from CoreLogic did not include Perth or regional Western Australia “pending the resolution of a divergence from other housing market measures in WA”.

Housing values have risen at a slower pace in the past few months, but that “probably has more to do with worsening affordability constraints than ongoing lockdowns”, said CoreLogic research director Tim Lawless.

Australia’s median property price has jumped 18.4pc in the past year. (CoreLogic)

Strong demand despite lockdowns

Property prices went up sharply in August despite a sharp fall in the number of properties advertised for sale.

CoreLogic noted that in August, the number of new property listings fell 5.8 per cent below the five-year average.

READ MORE VIA ABC