March proved to be the fastest growing month for the Australian property market since 1988.
In 1988 Bob Hawke was the Prime Minister, Ronald Reagan the President of the USA, Rick Astley went to #1 with “Never Gonna Give You Up”, Crocodile Dundee was a runaway movie success and Cellular phones were invented. The point is that this is the hottest market for a long time, if not ever!
Here are the key takeaways:
- Sydney home prices surged 3.7% in March. Just shy of the 3.8% record clocked in August 1988. This is only the second time monthly price growth in Sydney has been greater than 3%.
- Sydney values are up 8% since they hit their bottom last September.
- Capital cities record 2.8% growth for the month vs Regionals with 2.5%.
- For the first time since the initial Covid lockdown, the growth from the combined capitals has outstripped regionals as we predicted as life returns back to ‘normal’. This is a stat we will continue to watch closely.
- Hobart recorded stellar 3.3% growth and 12.5% over the last 12 months.
- Canberra and Darwin continue their strong run with 2.8% and 2.3% for the, and 12.1% and 14.2% over the last 12 months respectively.
- Melbourne and Brisbane came in on par with 2.4% growth.
- For the fourth month in a row, dwelling values rise across every capital city.