Capital city house prices are continuing to recover with dwelling values up in Sydney, Brisbane, Adelaide and Perth in the June quarter.
Real Estate Institute of New South Wales president Pete Matthews says all population centres showed increases in average dwelling values by more than 2%.
He says both the renter and sales market are “savagely affected” by a lack of stock.
“I’ve never seen (anything like) it in 33 years,” Matthews says.
He says Sydney, in particular, enjoyed “hefty” increases in dwelling values in the June quarter.
CoreLogic figures show Sydney’s median dwelling value rose, 4.9% in the June quarter, Brisbane rose by 3% and Melbourne rose 1.8%.
Adelaide’s median dwelling value rose by 2.1% in the June quarter, Perth, 2.8% and Hobart 0.1%.
Darwin’s median dwelling value dropped by 0.3% in the June quarter, although it rose again by 0.5% in June.
CoreLogic research director Tim Lawless says while housing values are continuing to increase, the pace of growth has eased a bit.