CoreLogic’s dwelling price results are in for February, with a 1.37% rise in values recorded over the month at the 5-city level, driven overwhelmingly by Sydney (+2.58%) and to a lesser extent Melbourne (+1.46%):
It was the 15th consecutive monthly rise in home values:
Over the quarter, price growth surged to 3.55% at the 5-city level, up from the 2.26% recorded in January:
Over the quarter, prices rose strongest in Melbourne followed by Sydney:
The next chart, which tracks trend annual price growth, shows growth nationally still being driven by Sydney and to a lesser extent Melbourne:
As you can see, Sydney’s annual price growth is close to the cyclical highs recorded in 2015.
And values are now 36.9% above the October 2010 peak at the 5-city level, driven almost entirely by massive growth in Sydney (+66.1%) and to a lesser extent Melbourne (+38.1%), with the other major capitals not doing a lot (down in real inflation-adjusted terms):
For goodness sakes APRA, pull your head out and drop the the investor mortgage speed limit to 5%.
