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Property prices across the country are soaring at their fastest pace in two years, with home values jumping almost $54,000 since interest rates started falling and warnings that a chronic shortage of houses, high investor activity and federal government policies are driving the acceleration.
Ahead of this week’s Reserve Bank monetary policy committee meeting, which is expected to leave interest rates steady, new figures show the prices for houses and apartments increased 1.1 per cent nationally through October.
It was the largest one-month increase since mid-2023, which occurred after a generational jump in property prices that happened during the pandemic when the Reserve Bank took interest rates to record lows.
Sydney house values last month rose by 0.6 per cent to be 6.3 per cent up since the start of the year. Sydney’s median house value is now $1.58 million.
