CoreLogic yesterday released its 5-city dwelling values index for 28 February 2021, which has allowed me to calculated price growth over the month of February.
Turns out February 2021 was the strongest month for dwelling values since September 2003, with values across the five major markets soaring by 2.1% (see next chart).
Sydney led the rises, recording growth of 2.5% in February, followed by Melbourne (2.1%), Brisbane (1.8%), Perth (1.6%) and Adelaide (0.8%):
Quarterly growth across the five major markets also accelerated to 3.6% – the strongest growth since January 2020:
Growth is universally strong, with Perth (4.3%) and Brisbane (4.0%) leading the way, followed by Sydney (3.6%), Melbourne (3.5%) and Adelaide (2.8%):
Annual price growth has also picked up to 2.3%, but remains soft in a historical context:
The key reasons why annual growth remains soft is due to price falls recorded across Melbourne in the year to February, which has dragged down the 5-city aggregate, as well as strong growth recorded this time last year:
As you can see, the smaller capitals of Adelaide (7.3%), Brisbane (+6.2%) and Perth (4.7%) have driven annual growth at the 5-city level.
Clearly, the Australian property boom is both gathering pace and broadening, with virtually all markets rising swiftly.
This will be confirmed later when CoreLogic releases its official price results for February, which will very likely show strong growth in the minor capitals (i.e. Hobart, Darwin and Canberra), as well as Australia’s regions.