Melbourne property prices soar to record high

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.

Leith van Onselen

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