In a rare and significant shift, house prices have risen simultaneously across every Australian capital city for the first time in four years. The latest data highlights a booming property market, fuelled by strong demand and constrained supply.
What’s Driving the Surge?
Experts point to several factors behind the nationwide price increase:
- High demand: Population growth and low rental vacancies are pushing more buyers into the market.
- Limited supply: A shortage of new housing developments has intensified competition.
- Low interest rates: Despite recent hikes, borrowing costs remain historically attractive.
Regional Variations
While all capitals saw growth, some cities outperformed others:
- Sydney and Melbourne: Leading the rebound after previous declines.
- Perth and Adelaide: Continuing their strong performance due to affordability.
- Brisbane and Hobart: Experiencing steady but slower growth.
Analysts warn that affordability challenges may worsen if supply doesn’t catch up with demand.
