New data on property prices from CoreLogic indicates that the average Australian home has increased in value by $127,000 in the past 12 months.
While that sounds spectacular, there are suburbs and towns in this country where median house prices have grown that much in the last three month alone.
Looking more broadly, if we look at median house prices in some of our cities a year ago and compare them with the current situation, we find that the median house price in Brisbane has increased by almost $200,000 in the past 12 months, and there’s been a similar rise in Hobart.
In Sydney, the median house price is now $360,000 higher than it was a year ago.
The latest price data, up to the end of November, reveals that Australian house prices show no sign of slowing down.
There was a further increase of 1.4% nationally in November, led by a 2.2% monthly rise in the Combined Regions.
Growth in median house prices in November was led by 3.2% rise in Brisbane, followed by Adelaide (2.6%) and Regional NSW (2.5%). The regional markets in Queensland, Tasmania and South Australia all rose by 2.2% or 2.3%.
In the latest quarter, house prices rose 4.7% nationally and units 3.2%, while in annual terms house prices are up 24.6% and unit prices 14.2%.
The data shows no sign of the slowdown in price growth reported in some sections of the media.
Annual growth in house prices is being led by Regional Tasmania, Regional NSW and Sydney, which have all risen about 30% in the past 12 months.
Other jurisdictions to record big increases include Brisbane, Canberra, Hobart, Adelaide, Regional Queensland and Regional Victoria.
They’ve all increased by between 24% and 28%.
So, while media outlets seem to be competing to be the first to declare an end to the property boom and desperately searching for evidence to support the claim, these latest figures show that price escalations at continuing at exceptional pace in most markets across Australia.