Australian House Prices See Largest Monthly Increase Since 2003
Muhammad Irfan Published March 01, 2021 | 11:50 AM
SYDNEY, March 1 (UrduPoint / Pakistan Point News - 1st Mar, 2021 ) :Australian house prices have seen their largest monthly increase since 2003, with the sector in the midst of a broad-based boom, a new report revealed Monday.
The value of Australian homes surged by 2.1 percent in February, according to industry analyst CoreLogic, the steepest increase since August 2003.
A combination of record low mortgage rates, improving economic conditions and government incentives were credited with boosting house prices.
"The last time we saw a sustained period where every capital city and rest of state region was rising in value was mid-2009 through to early 2010, as post-GFC stimulus fueled buyer demand," CoreLogic Research Director Tim Lawless said.
Australia's two largest cities, Sydney and Melbourne saw the sharpest increase, recording a 2.5 percent and 2.
1 percent lift respectively as they recovered from weaker performance during 2020.
However on a quarterly basis, the largest growth was seen in the smaller cities, with the value of housing in Darwin up 5.5 percent over the past three months, Hobart up 4.8 percent and Perth up 4.2 percent.
As of the start of 2021, the cost of housing in Sydney and Melbourne remained below previous peak levels, however was forecast in due time to exceed to exceed them, raising further issues for those looking to enter the market.
"At this current rate of appreciation it won't be long before Australia's two most expensive capital city markets are moving through new record highs," Lawless said.
"With household incomes expected to remain subdued and stimulus winding down, it is likely affordability will once again become a challenge in these cities."
Related Topics
Recent Stories
Pak, NZ T20I series online ticket booking from tomorrow
Pak-Türkiye strategize to boost bilateral trade to $5 billion
Chief Representative of CFFEX in Pakistan and PSX Director meet Finance Minister
SC conditionally allows army courts to announce reserved verdicts
12 suspects criminals arrests in search operation:SSP Larkana
Mayor Karachi chairs meeting of SSWMB
PMDC’s int’l recognition ‘historic milestone’ for Pakistan’s health in ..
Secretary HUD&PHE Asad Ullah Khan visits RDA
NHA mobilizes efforts to clear landslide in Zhob-Dhanasar section of N-50
Interior Minister, CM KP vow to eliminate terrorism
China to surpass 1 billion 5G connections this year: GSMA
Students gather at GCU to express solidarity with Palestinians, Kashmiris
More Stories From Miscellaneous
-
Shaheed Jalil Andrabi remembered on his martyrdom anniversary
1 day ago -
Architectural grandeur of Mohabat Khan Mosque attracts visitors, archeology lovers
1 day ago -
Besant Hall cultural centre to hold programme in memory Pir Hassam din Rashdi
3 days ago -
USA beats Mexico 2-0 for CONCACAF Nations League title
3 days ago -
World urged to intervene for peace in Kashmir
4 days ago -
Undeterred resolve – only way to end economic woes
4 days ago
-
Organic Food: A booming trend in Khyber Pakhtunkhwa
4 days ago -
From Soil to Harvest: Use of modern technology vital for agricultural renaissance
4 days ago -
Spring season offers glimpse into GB's natural beauty, cultural heritage
4 days ago -
Nation to mark decades’ long journey of resilience through annals of history
6 days ago -
23rd March: A historic day reminds Muslims’ heroic struggle for Pakistan
6 days ago -
Measures urged to recharge depleting water table: Experts
6 days ago