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House prices soar as supply dwindles

The property market has received the biggest monthly lift in national house prices in more than a decade.

CoreLogic shows property prices across the nation’s capitals jumped by 1.7 per cent in November, the biggest monthly lift since 2003.

Sydney house prices increased by 3.1 per cent, taking the median house value to $956,249.

HSBC Chief Economist Paul Bloxham tells Ross Greenwood lower interest rates and a continuation of a Coalition government can be attributed to the rise.

“That combination is really driving a strong pick up in housing demand at a time when there isn’t a whole lot of housing supply.”

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CoreLogic’s head of research Tim Lawless says the numbers were surprising.

“This is quite a spectacular, unexpectedly strong rebound in the marketplace.”

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Image: Getty/Tsvi Braverman/EyeEm

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