Australian property prices have surged at the fastest monthly pace in 32 years as the fear of missing out saw buyers pile into bricks and mortar.
Record-low interest rates, far from making homes more affordable, have caused house and apartment values to climb in every capital city market.
National dwelling values, in both the city and regional areas, rose by an average 2.8 per cent in March, the fastest monthly gain since October 1988, new CoreLogic data has revealed.
In Sydney, the median house price soared by an even more dramatic 4.3 per cent to a new record high of $1.113million, with upmarket suburbs leading the charge higher.
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Australian property prices have surged at the fastest monthly pace in 32 years as the fear of missing out saw buyers pile into bricks and mortar. In Sydney, the median house price soared by an even more dramatic 4.3 per cent to a new record high of $1.113million. Pictured is a house at Toongabbie in the city's west
Sydney: up 4.3 per cent to $1,112,671
Melbourne: up 2.6 per cent to $859,097
Brisbane: up 2.6 per cent to $607,969
Adelaide: up 1.6 per cent to $518,692
Perth: up 1.8 per cent to $527,833
Hobart: up 3 per cent to $584,974
Darwin: up 1.9 per cent to $519,575
Canberra: up 3.3 per cent to $819,707
Source: CoreLogic Home Value Index for March 2021Insurance Loans Mortgage Attorney Credit Lawyer
Dwelling prices in Australia's most populated city, taking in both houses and apartments, climbed by 3.7 per cent to $928,028, marking the fastest monthly growth since 1988.
Sydney property prices are now 2.6 per cent above record set in 2017, before a crackdown on investor and interest-only loans sparked a two-year downturn.
The post-Covid recession surge has more than made up for the 14.9 per cent plunge that occurred between 2017 and May 2019, when a federal election was held, and the 2.9 per cent fall during the 2020 coronavirus shutdowns.
Melbourne, which struggled in 2020 as a result of the three-month city-wide lockdown, saw its mid-point house price last month climb by 2.6 per cent to a new