Australia's property prices are rising at the fastest rate in 17 years as historically low interest rates and restricted supply spur buyers into action.
New data from property research firm CoreLogic shows Australian home values surged 2.1 per cent higher in the month of February – a stratospheric lift not seen since August 2003.
Over the past 30 days property prices have risen in every capital city and region of the country, signalling a sustained period of growth not seen since the end of the Global Financial Crisis.
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"Spurred on by a combination of record low mortgage rates, improving economic conditions, government incentives and low advertised supply levels, Australia's housing market is in the midst of a broad-based boom," CoreLogic notes in its release.
"Housing values are rising across each of the capital city and rest of state regions, demonstrating the diverse nature of this housing upswing."
Sydney and Melbourne led the charge, rising 2.5 per cent and 2.1 per cent respectively.
CoreLogic's research director Tim Lawless predicts it won't be long until both cities eclipse record highs set in 2017.
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"Whether this newfound growth in Sydney and Melbourne can be sustained is unclear," Mr Lawless said.
"Both cities are still recording values below their earlier peaks, however at this current rate of appreciation it won't be long before Australia's two most expensive capital city markets are moving through new record highs.
"With household incomes expected to remain subdued and stimulus winding down, it is likely affordability will once again become a challenge in these cities."
Sydney's median property value – which includes both units and houses – is now an lip-pursing $895,933.
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Melbourne is a close second at $717,767, followed by Canberra $706,454 and then, in a surprise, Hobart with a median of $535,994.
Hobart is now more expensive than Brisbane, which carries a median of $535,618.
On the cheaper end of the market remains Perth ($491,795), Adelaide ($478,587) and Darwin ($438,645).
The median property price for the country as a whole is now $598,884.
Mr Lawless said a primary driver of the current boom could be buyer's fear of missing out – or FOMO – combined with a relatively smaller number of properties.
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This means more parties competing for the same properties, and producing bumper results at auction.
"Housing inventory is around record lows for this time of the year and buyer demand is well above average. These conditions favour sellers," Mr Lawless said.
"Buyers are likely confronting a sense of FOMO which limits their ability to negotiate.
"Vendor discounting rates were estimated at a record low of 2.6 per cent in February, and auction clearance rates have consistently been in the high 70 per cent to low 80 per cent, which is well above average."