Property prices across Australia have increased for the 16th straight month, with CoreLogic data showing an 0.8 per cent increase in May.The figures also showed that Brisbane has become the second-most expensive capital city for property prices, overtaking Canberra.
CoreLogic noted that Sydney's property market hit a "new milestone" in May, and is now equalling record high prices set at the peak in January 2022. In fact, Brisbane values have grown by 59.2 per cent since the start of the pandemic, compared to Melbourne's growth of 11.2 per cent. The number of properties available for sale remains more than 40 per cent below the five-year average for this time of year in Perth, and that limited supply is contributing to higher prices.Hobart was one of only two capital cities to see its property values decline in May, with house prices and unit prices falling by 0.5 per cent and 0.6 per cent respectively.