House prices in most Australian cities finished 2019 on a high, with national average dwelling prices lifting 1.1% during December and by 2.3% over the year, according to CoreLogic.
For the three-month period to December, national average house prices “down-under” soared by 4% - the fastest rate of national dwelling value growth over any three-month period since November 2009.
On an annual basis, five of eight capital cities, and five of the seven "rest-of-state" regions, ended the year with price rises. Among the capitals, Sydney and Melbourne recorded the highest annual capital gain, with both cities posting a 5.3% property price rise over the year.
During December alone, Sydney house prices shot up by 1.7%, while Melbourne house prices increased by 1.4%. CoreLogic's head of research, Tim Lawless, said that although the monthly capital gains trend remained fast-paced, the 1.1% rise in December was softer relative to the 1.7% gain in November and the 1.2% rise in October.
“This would suggest that the pace of capital gains may have been dampened by higher advertised stock levels or worsening affordability pressures through early summer,” he said.