Housing markets surge across Australia as Sydney prices rise at their fastest speed in more than three decades – and look set to hit record highs in early 2020
- All eight Australian capitals saw rises in housing prices in month of November
- Sydney prices rose by 2.7 per cent, fastest increase in more than three decades
- Melbourne prices rose by 2.3 per cent and is now only 4 per cent off 2017 peak
- The more than 3,000 homes offered at auction provided busiest week of year
Housing prices across Australia rose in November, with Sydney seeing its fastest growth rate in more than three decades.
The 2.7 per cent rise – the quickest since 1988 – puts the Sydney market on track to hit new highs in April 2020 after a bumper final Spring weekend.
Melbourne saw a similar increase of 2.3 per cent over the month, leaving prices in the Victorian capital just 4 per cent off its 2017 peak.
The more than 3,000 homes offered in auction across all capital cities in Australia provided the busiest week of the year so far, CoreLogic data shows.
Housing prices in all eight Australian capital cities rose in November, with Sydney seeing its fastest growth rate in more than three decades
Increases of 0.8 per cent in Brisbane and the Gold Coast have brought prices back close to their 2018 peaks, while Perth saw its first rise in two years.
‘Each of the five largest capitals is on track to record a rise in values over the month,’ Corelogic’s head of research Tim Lawless said.
Mr Lawless said if the current rate of growth continued Sydney prices would reach new high by April next year.
A total number of 3,058 homes were auctioned across Australia and almost 79 per cent of them found new owners, according to preliminary figures.
Melbourne saw an increase of 2.3 per cent over the month, leaving prices in the Victorian capital just 4 per cent off its 2017 peak
These initial statistics confirm last week’s forecast, which estimated that numbers would lift about 14 per cent after reaching 68.5 per cent across 2,612 auctions.
This week’s high success ratio means around 4,000 homes were sold in all the nation, with houses performing better than units in all states.
‘These results provide a timely test of the housing markets depth, with clearance rates holding up despite the large number of properties taken to market,’ CoreLogic said.
The largest number of homes were auctioned in Melbourne. Victoria’s capital hosted 1,497 auctions this week. A total of 1,131 auctions were held in Sydney.
Both cities represented up to a 85 per cent of the total real estate market this week.
Both Melbourne and Sydney as well as Adelaide and Canberra had success percentages above 70 per cent, while only around half of the homes taken to auction in Brisbane and Perth were successful.
The median price of all homes sold in the country was of $920,100.
The more expensive average prices both for houses and units were seen in Sydney, which set an above-average price for both type of homes of $1,180,000.