Housing prices across the country re-accelerated through May as a combination of ultra-low interest rates, strong consumer confidence and low supply drove prices to their highest levels in every capital city.
Melbourne’s house values jumped by 2.2 per cent to be 6.3 per cent better over the quarter. The median house price has now gone through $900,000. Unit values in Melbourne lifted by 0.8 per cent to be 4.9 per cent up over the past year.Values in Hobart increased by 2.2 per cent in May, by 2.1 per cent in Adelaide, by 1.1 per cent in Perth, by 2.7 per cent in Hobart, by 1.5 per cent in Darwin and by 2.1 per cent in Canberra.
“The combination of improving economic conditions and low interest rates is continuing to support consumer confidence which, in turn, has created persistently strong demand for housing,” he said. “Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” he said.
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