Australia’s housing prices went up by 1% this month, new data from the CoreLogic RP Data home value index reveals.
The preliminary national housing average price is up by 1%, except for Sydney, where property values increased 1.4%. Final housing prices are set to be released Monday next week.
Melbourne, also a hot property market, had a relatively flat result following high figures in December and January. Brisbane, Perth and Hobart recorded lower prices in February than in January.
Research head Tim Lawless said “it could be a while before lower interest rates flow through into faster growth in dwelling values, but there were early signs the market was reacting to cheaper money”.
The signs, Lawless said, included the highest auction clearance rates since 2009 over the past weekend.