Australia’s most expensive property markets bounced back in January with Melbourne’s median house price pushing above $1 million for the first time and Sydney home values hitting another record high.
Brisbane continued to be the strongest city for house price growth with values up 2.5 per cent over the first month of the year, CoreLogic data released on Tuesday morning shows. On an annual basis, Brisbane’s median house price increased 32.3 per cent to $809,813.
While the trend overall is slowing, Sydney’s median house price increased 0.8 per cent over the month to $1,389,948 with apartments up 0.1 per cent to $837,640. In Melbourne, the median house price jumped 0.5 per cent to $1,002,464 with apartment values sliding 0.4 per cent to $624,158.
Canberra house prices are also above the seven-figure point for the second month in a row, following a 1.8 per cent jump over January to $1,032,331. Adelaide house prices increased 2.3 per cent to $636,853.
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