Australian capital city house prices are marching higher yet again after pulling back in the latter parts of 2015.
As the table below, supplied by CoreLogic RP Data, shows, after rising 0.5% in February, that increase has been nearly matched after just one week in March.
So far, prices have risen in all mainland capitals, excluding Brisbane, with the heftiest increase coming from Adelaide at 0.7%. Prices in Sydney and Melbourne have risen by 0.5% and 0.4%, taking the 2016 growth rates to 1.5% and 3.2% respectively.
The monthly figure used by CoreLogic tracks the change in prices over the past 28 days. There’s been some serious heat in Adelaide’s market, matching the recent weather.
As a result of the heavy weighting of the Sydney and Melbourne property markets due to their sheer size compared to other capitals, the national capital city 2016 increase now stands at 1.6%.
Here’s the median house and apartment cost for each capital city across the nation over the past 28 days, again courtesy of CoreLogic RP data.
The recent acceleration in price growth came despite a pullback in capital city auction clearance rates last week with CoreLogic RP Data reporting a preliminary figure of 68.1%, down from 71.4% in the final week of February.