Australian property prices

How FOMO is driving Australian house prices to record highs with the fastest monthly surge in 32 years

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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