PHOTO: Australian property market. (Peter Rae, SMH)
- Australian property prices rose by 7% in the three months to May, reflecting a rate last seen in 1988, according to CoreLogic.
- The growth was led by Sydney, jumping 9.3% in just 12 weeks.
- The latest data shows a record $31 billion flooded into the property market in April alone, with some signs emerging that lending is becoming increasingly risky
The housing market is running out of records to smash, as Australia experiences a perfect storm of easy money, record low interest rates and government incentives.
Prices nationally shot up 7% in the three months to May, new CoreLogic data shows, marking the fastest quarterly rise since 1988.
The astounding figure was led by Sydney, which rose 9.3% in the short space of 12 weeks, supercharging the quarterly average and dwarfing even the mighty run up seen during 2019.
Fuelling all of this is a record amount of credit that is pouring into an already hot market.
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