by Sanjeev Sah | Apr 18, 2023 | Market Updates
Australian property prices rose for the first time in 10 months after CoreLogic’s national home value index posted a 0.6% gain over March.
The turnaround was led by Sydney, with the city’s 1.4% monthly gain pushing its median property price above $1 million again (see image). Melbourne (0.6%), Perth (0.5%) and Brisbane (0.1%) also saw property prices increase over the month.
CoreLogic’s research director, Tim Lawless, said three factors were contributing to rising property prices:
- Low advertised stock levels
- Extremely tight rental conditions
- Demand from overseas migration