House prices have risen by an average of 18.4% nationally in the past 12 months, led by a 20.1% increase in regional markets. The lift in national property values is the highest recorded since 2004.

The CoreLogic Home Value Index published this week indicates that house prices rose 1.8% in July, with Canberra (3.0%), Brisbane (2.2% and Sydney (2.1%) the leading markets.

In the first seven months of 2021, house prices have risen on average 15.6%, headed by Sydney’s 20.9% increase. All capital cities except Perth have risen at least 12% in the year to date, as have most of the regional markets.

Most markets have increased by at least 5% in the latest quarter. Sydney (8.7%), Hobart (7.3%), Regional NSW (7.0%), Regional Tasmania (6.6%), Canberra (7.9%) and Brisbane (6.7%) have all delivered significant price rises in the past three months.

“Dwelling sales are tracking 40% above the five-year average while active listings remain 26% below the five-year average,” says CoreLogic’s Tim Lawless.