More confirmation house prices rocketed in December quarter

CoreLogic’s dwelling price results for the December quarter reported turbo-charged growth, driven by Sydney and Melbourne where values rose by more than 6% over the quarter:

This pace of growth matched or exceeded the growth rates experienced at the heights of the 2015 and 2017 boom periods:

Over the weekend, Domain released its price results for the December quarter. This also recorded explosive growth, with house prices across the combined capitals surging by 4.2% over the quarter, driven by 5.7% growth across Sydney and 5.0% across Melbourne:

Unit price growth was also swift, albeit slower than for houses:

According to Domain, it was the fastest quarterly price growth since 2015 in Sydney and since 2016 for Melbourne.

Whichever data you use, the turn around in Australia’s housing market from mid-2019 is unprecedented, shifting from bust to boom in near record time.

Unconventional Economist

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