It’s official. After rebounding by 12.7% over eight months, Melbourne’s dwelling values have hit record heights, surpassing their former November 2017 peak:
The below chart shows the month-by-month changes more closely:
Sydney, too, has experienced a strong rebound, with dwelling values up 13.2% over nine months.
Indeed, according to CoreLogic, the median house price in Sydney has surpassed $1 million for the first time since 2017:
If the current pace of growth is maintained, then Sydney dwelling values will also hit record highs by mid-year.