House prices are soaring in Australia's state capitals as all-time low interest rates and a lack of properties on the market drive up valuations. Six cities have seen record prices for the third quarter in a row, according to a report by real estate site Domain. It also said Sydney, Canberra, Hobart and Darwin have seen property values rise by over 20% in the last year.
Experts warn the increases are "unsustainable" as property becomes unaffordable for many. The Domain House Price Report highlighted a "perfect storm" of rock bottom borrowing costs, a small number of properties on the market, strong demand, and government stimulus money amid the pandemic.
Sydney, Australia's most populous city, saw median house prices reach a record A$1,410,133 ($1.04m; £747,215) after rising by more than A$1,200 a day over the last three months. Meanwhile, Australia's capital Canberra saw the cost of a home soar by almost 30% over the last 12 months, while prices in Hobart in Tasmania jumped by more than 28% over the same period.
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