Melbourne house prices surpass $ 1m, Sydney values ​​continue to rise in January

The nation’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.

There were few transactions over January but there is evidence the performance was strong.

There were few transactions over January but there is evidence the performance was strong.Credit:Rob Homer

House and apartment values ​​nationally jumped 1.1 per cent over the first month of the year, following a slump at the end of 2021 with property values ​​in Sydney and Melbourne starting to slip.

However, in the 12 months to January, national property values ​​are up 22.4 per cent bringing the annual growth rate to its highest level since 1989. The median Australian dwelling is now about $ 130,000 pricier than it was at the start of 2021.

While the overall trend 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.

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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.

CoreLogic research director Tim Lawless said the next few months would help determine if the trend of rising prices is here to stay given the start of the year typically has fewer sales.

“The early indication is that housing markets are starting 2022 with a similar trend to what we saw through late last year. Values ​​are still broadly rising, but nowhere near as fast as they were in early 2021, ”Mr Lawless said.

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