CoreLogic’s dwelling value results have been released with Australia’s five major capital city markets soaring by 2.8% over the month – the biggest gain since Australia’s bicentenary in October 1988.
Australia’s five major capitals experienced their strongest price growth in 33 years.
The boom in values was broad-based with all major markets experiencing strong rises. However, Sydney’s gain was by far the strongest at 3.68% – the biggest monthly rise since August 1988:
All major capital city markets recorded strong growth in March 2021.
Quarterly value growth at the 5-city level is now running above 5%, with Sydney (6.7%), Melbourne (4.9%), Brisbane (5.3%) and Perth (5.0%) all experiencing rapid appreciation. If this pace was to continue throughout the year, then dwelling values across the five major markets would rise by well over 20% in 2021.
Dwelling values across Sydney, Melbourne, Brisbane and Perth are each rising at around 20% annualised pace or above.
The next chart plots quarterly price growth across the five major markets over time. As you can see, the pace of growth has breached the peaks of previous price cycles:
Dwelling value growth has topped the peaks of prior price cycles.
Annual growth is obviously slower owing to the COVID-19 downturn last year. However, it has also begun to accelerate across all major markets:
Annual dwelling value growth is rebounding from the COVID-19 downturn.
The rebound in Australian property values is nothing short of extraordinary with 2021 shaping up to be one of the strongest years for property growth in the nation’s history.
