According to the Australian Bureau Of Statistics, house prices in capital cities across this fine land increased an average of 10.2% in the year leading up to March. That charge was lead by – you guessed it – Sydney. The average house price there catapulted upwards by 14.4%.
Melbourne followed up just behind with an increase of 13.4%, and little old Hobart got in on the dream-crushing action with a boost of 11.3%. Homes in the nation’s capital went up 8.9%, with more modest single-digit growth in Adelaide and Brisbane.
Of course, all of this is being brought about by a shortage of homes to actually live in, and the absolutely apocalyptic investment market which is doing a great job of capitalising on that demand.