AUSTRALIAN HOUSING MARKET RISES AT ITS FASTEST RATE IN 17 YEARS OVER FEBRUARY

Australian property values grew at their fastest rate in 17 years over February, with every capital city rising due to government stimulus, improving economic conditions and the limited number of homes on the market, new data reveals.

National home values surged 2.1 per cent in February to a median of $598,884 – the largest month-on-month increase since August 2003, according to CoreLogic’s national home value index.

The two biggest capital cities led the way, recording the strongest growth: Sydney’s home value rose 2.5 per cent to $895,933, and Melbourne’s rose 2.1 per cent to $717,767.

Hobart property values also recorded a 2.5 per cent rise to $535,994.

CoreLogic’s research director Tim Lawless described the property market’s growth as “phenomenal” against the backdrop of the pandemic.

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