Australian Property Market: Prices Hit Fresh Highs

The total value of Australian residential real estate rose to $10.4 trillion at the end of February, which, according to CoreLogic is up from $10.3 trillion in the previous month and represents a new high.

In percentage terms, it means the pace of quarterly national home value growth rose to 1.3% over the three months to February, which is trending upwards from the 1.0% growth over the three months to January. National values were up 8.9% over the past 12 months, which is the highest annual increase since the second year of the pandemic when values rose 10.8%.

According to CoreLogic, Perth continues to lead capital growth performance in the greater capital city markets, with values 18.3% over the past 12 months. Interestingly, the largest growth was in cheaper housing, with values increasing in the country’s most affordable suburbs by 2.4% over the three months to February. This is compared to a rise of .7% in mid-