CoreLogic weekly house price update: Rocketing

Australia’s property boom has gone from strength to strength, with CoreLogic’s 5-city daily index surging another 0.70% in the week ended 25 February, which follows the prior week’s 0.55% rise.

As shown in the next chart, the past two week’s increase in values were the strongest in years, easily surpassing the late 2019 boom:

Sydney and Melbourne drove this week’s rise in values, with both capitals surging by 0.83%. Brisbane values also soared by 0.52%, with Perth (0.24%) and Adelaide (0.19%) recording smaller rises:

February is shaping up as a rip roaring month for the property market with dwelling values across the five major markets already soaring by 1.8%, with double-digit annualised growth recorded across all markets except Adelaide:

Quarterly price growth has also strengthened to 3.4% across the five major markets, with all capitals registering strong growth:

Finally, annual price growth has firmed to 2.3%, driven by the three smaller markets:

2021 is shaping up as a mega boom for Australian property. Hats off to Cameron Murray and Chris Joye for going against the grain and calling it early last year.

Unconventional Economist
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