The value of houses in Australia has swelled up by 2.1% in February, the highest month-on-month shift since August 2003, as per CoreLogic’s national home value index.
A fine blend of ultra-low mortgage rates, bettering financial conditions, government incentives along with a low advertised supply levels boosted the industry.
It should be highlighted that housing values are soaring across the nation in all the states and territories, suggesting the diverse nature of this upsurge.
As per Tim Lawless, CoreLogic’s research director, this kind of a synchronised rise has not been witnessed in Australia since many years.
Meanwhile, Sydney and Melbourne registered a rise of 2.5 and 2.1% in home values over the month, respectively. House values soared 5.5% over the past three months across Darwin, while Hobart and Perth values grew 4.8% and 4.2%, respectively.