HOUSING prices across the country re-accelerated through May as a combination of ultra-low interest rates, strong consumer confidence and low supply drove prices to their highest levels in every state.
According to property market analysts, CoreLogic, Melbourne’s house values jumped by 2.2 percent to be 6.3 per cent better over the quarter.
But the soaring prices are not just confined to the nation’s two largest housing markets.
Outside of the capitals, dwelling prices in regional Victoria jumped by 1.7 percent.
At the same time, advertised supply remains well below average. This imbalance between demand and supply is continuing to create urgency amongst buyers, contributing to the upward pressure on housing prices.
The strong market has resulted in the number of days a property remains up for sale has fallen to an all-time low of less than 30 days. The median discount offered by sellers has also dropped to its smallest level on record.
A continuing issue is the low number of properties on the market.
The total number of properties up for sale is about 24 per cent below its long-term average.
