The typical Australian homeowner has become A$131,236 richer on paper over the past year, and there are few signs so far in 2022 that the real estate boom is about to end.

CoreLogic’s latest home value data show prices jumped by 22.4% over the past year, the biggest increase since June 1989. However, CoreLogic’s research director, Tim Lawless, said the biggest part of that price increase had occurred in the first part of 2021. “The early indication is that housing markets are starting 2022 with a similar trend to what we saw through late last year. Values are still broadly rising, but nowhere near as fast as they were in early 2021.”

Melbourne is the only capital city where sales listings are currently (slightly) above their five-year average, while Sydney’s are 12% below. However, the number of properties for sale in the other capital cities is well below typical levels, down around 50% in Brisbane and Adelaide.

Lawless added: “Melbourne and Sydney have seen inventory levels normalise in recent months, taking some urgency out of the market as supply and demand become more evenly balanced. The situation in Adelaide and Brisbane is very different; supply remains tight and buyer competition is a key factor supporting the upward pressure on prices.”