Australian home prices are climbing faster than a koala up a eucalyptus tree. In May, they posted their largest monthly gain since October, as if the housing market is trying to outdo our famous Sydney Opera House in reaching for the sky.
Data from CoreLogic on Monday showed national home prices rose 0.8% in May—that’s sixteen straight months of growth, folks! It’s like these prices are on a never-ending walkabout, up 8.3% from a year ago.
CoreLogic’s Research Director, Tim Lawless, reckons low supply has kept Aussie housing prices largely shielded from the triple whammy of high interest rates, cost of living pressures, and consumer sentiment that’s gloomier than a Melbourne winter.
“To say the housing market has been resilient is an understatement,” Lawless quipped, probably while sipping a flat white. “Fresh listings are being gobbled up faster than a meat pie at the footy, keeping stock levels low and prices climbing like a Sydney Harbour Bridge climb.”
The available housing supply is scarcer than a drop bear sighting, leading to prices rising in state capitals faster than you can say “crikey.” Perth’s up 2.0% in May, Adelaide’s risen 1.8%, and Brisbane’s jumped 1.4%—that’s like your median home value growing by more than A$12,000 ($7,982) in a month. Fair dinkum!
Even Sydney, not to be outdone, boasted a 0.6% growth, equaling its January 2022 record high. After a 12.4% dip, it’s bounced back by 14.1%, with the median home value now just shy of A$1.16 million ($771,632). That’s more expensive than a lifetime supply of Vegemite!