Home price rises across every capital city except Darwin drove national dwelling prices 1.1 per cent higher last month, with five capital cities now recording record-high property values.

 

A 1.2 per cent rise for Melbourne prices last month was enough to send that city to record-high values, erasing an 11 per cent fall in values since the previous peak in late 2017.

 

Despite a 1.7 per cent price jump last month, Sydney home values remain 3.7 per cent below their mid-2017 peak, having fallen 15 per cent during the downturn that ended mid-last year.

Brisbane, Canberra, Hobart and Adelaide are the other capital cities where home prices are at record highs.

 

Perth home values rose 0.3 per cent last month and have not fallen for four months.

However, CoreLogic’s head of research Tim Lawless said he was not anticipating a return to record-high prices for a very long time in the west.

 

“Although Perth values are now trending higher, the recovery period is likely to be a long one, with Perth housing values remaining 21 per cent below their peak,” he wrote in a report.

 

Meanwhile, Darwin home prices fell another 1.4 per cent and are now down a third from their peak values.

 

Ref: Michael Janda (on 02 March 2020). House prices surge in February, sending most capitals back to record levels. Retrieved from https://www.abc.net.au/news/2020-03-02/house-prices-surge-in-february/12015772

 

Images from Despite an increase in the number of properties for sale, prices kept surging in February. (ABC News: Liz Pickering) https://www.abc.net.au/news/2020-03-02/for-sale/12015848