Australia home prices heat up as super-low rates stoke demand

By Wayne Cole

SYDNEY, Dec 1 (Reuters)Australian home prices sped higher across all the major cities in November as record-low interest rates fuelled demand from first-time buyers, providing a welcome windfall to consumer wealth and confidence.

Regional prices also boasted sizable gains as city dwellers still smarting from coronavirus lockdowns sought more living space and houses with gardens.

“If housing values continue to rise at the current pace we could see a recovery from the COVID downturn as early as January or February next year,” said CoreLogic’s head of research, Tim Lawless.

That would be a remarkable turnaround from the depths of the lockdown in April when analysts were predicting price falls of 10% or more this year and next.

Data from property consultant CoreLogic out on Monday showed national home prices rose 0.8% in November, twice the gain seen in October. Values were up 3.1% on

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