Australian Home Prices Reach Record Highs in May, Up 8.3%, Sydney at Peak

Jun 2, 2024, 02:10 PM

Australian home prices have reached record highs in May, with Sydney matching its previous peak. The housing market experienced an 8.3% increase compared to the previous year, driven by a supply shortfall and a growing population despite high borrowing costs. One capital city saw a significant spike of 20 per cent over the past year. This marks the largest monthly gain since October, with dwelling prices rising by 0.8% in May.