PUBLICATION: BUSINESS INSIDER
Australian property prices continued to push higher in August according to data released by CoreLogic. Prices across Australia’s five capital cities rose by 0.3% in weighted terms last week, driven by a further 0.5% increase in Melbourne.
Largely reflecting strong growth in Melbourne, prices across the mainland state capitals rose 0.7% over the past four weeks, extending the gains so far this year to 6.2%.
The national increase has been driven by Australia’s largest housing markets — Sydney and Melbourne — where prices have risen 7.5% and 9.6% so far in 2017.
The continued strength in Melbourne property prices, and to a lesser degree Sydney, reflect recent trends in auction clearance rates.
That not only reflects stronger economic conditions in these cities but also faster population growth than other Australian capitals over the past 12 months.