CoreLogic weekly house price update: Boomchakalaka

The CoreLogic daily dwelling values index continues to rocket soaring another 0.5% in the week ended 4 March 2021.

This continues a strong run whereby dwelling values across the five major capitals have risen by 1.8% over the past three weeks alone:

Australian dwelling values are soaring with CoreLogic’s 5-city index rising 0.6%, 0.7% and 0.5% respectively over the past three weeks.

This week’s 5-city increase was broad-based with all major markets posting strong growth. Sydney, in particular, is going gangbusters:

All major capitals experienced turbo-charged growth, with Sydney especially hot.

Quarterly growth is also red hot and broad-based, with all major capitals recording double-digit annualised growth:

All major markets are recording double-digit annualised growth, with Perth and Brisbane leading the way.

Annual price growth is also accelerating, but remains soft overall, dragged down by falls in Melbourne and strong growth at the same time last year:

5-city annual growth is still being weighed down by price falls across Melbourne.

The strong price growth should continue for the foreseeable future based on record mortgage issuance, near record high clearance rates, and an acute shortage of homes for sale.

Double-digit price rises seem locked in for 2020.

Unconventional Economist

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