'Buyers are confronting a sense of FOMO': Aussie property prices rise at fastest rate in 17 years

Australia's property prices are rising at the fastest rate in 17 years as historically low interest rates and restricted supply spur buyers into action.

Over the past 30 days property prices have risen in every capital city and region of the country, signalling a sustained period of growth not seen since the end of the Global Financial Crisis.New data from property research firm CoreLogic shows that Australian home values surged 2.1 per cent higher in the month of February – a stratospheric lift not seen since August 2003.

"Housing values are rising across each of the capital city and rest of state regions, demonstrating the diverse nature of this housing upswing."CoreLogic's research director Tim Lawless predicts it won't be long until both cities eclipse record highs set in 2017."Whether this newfound growth in Sydney and Melbourne can be sustained is unclear," Mr Lawless said.

"With household incomes expected to remain subdued and stimulus winding down, it is likely affordability will once again become a challenge in these cities."

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Surge in first home buyers amid housing boom | Sky News AustraliaSky News Business Editor Ross Greenwood says record levels of first home buyers are entering the housing market despite a housing boom, buoyed by record-low interest rates.\n\n'This housing boom we're seeing right now has been fuelled by interest rates falling into the 'ones' - it's pretty easy right now to get a home loan for around 1.8 per cent,' he said.\n\n'The fact is, there's plenty of money sloshing around. The Reserve Bank is effectively printing money, distributing that through the banks, meaning the banks are awash with cash and capable of lending it.\n\n'The interesting thing is whether those people jumping into the market have enough headroom before any downturn in the market comes in the future.'\n\n
Source: SkyNewsAust - 🏆 7. / 78 Read more »