PHOTO: Australian property prices have surged at the fastest monthly pace in 32 years as the fear of missing out saw buyers pile into bricks and mortar. In Sydney, the median house price soared by an even more dramatic 4.3 per cent to a new record high of $1.113million. Pictured is a house at Merrylands in the western suburbs
- National property prices surged 2.8 per cent, fastest pace since October 1988
- Sydney‘s median house value increased by 4.3 per cent in March to $1.113million
- CoreLogic‘s Tim Lawless said the fear of missing out was a major factor in surge
Australian property prices have surged at the fastest monthly pace in 32 years as the fear of missing out saw buyers pile into bricks and mortar – stirring fears of a bubble.
Record-low interest rates, far from making homes more affordable, have caused house and apartment values to climb in every capital city market and in regional areas at levels unseen since the late 1980s.
Property prices last month hit record highs in 61 of Australia’s 88 sub markets.
National dwelling values rose by an average 2.8 per cent in March, the fastest monthly gain since October 1988, new CoreLogic data has revealed.
In Sydney, the median house price soared by an even more dramatic 4.3 per cent to a new record high of $1.113million, with upmarket suburbs leading the charge higher.
House prices rise everywhere
Sydney: up 4.3 per cent to $1,112,671
Melbourne: up 2.6 per cent to $859,097
Brisbane: up 2.6 per cent to $607,969
Adelaide: up 1.6 per cent to $518,692
Perth: up 1.8 per cent to $527,833
Hobart: up 3 per cent to $584,974
Darwin: up 1.9 per cent to $519,575
Canberra: up 3.3 per cent to $819,707
Source: CoreLogic Home Value Index for March 2021 on median house prices
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