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Home prices in Sydney, Melbourne continue investor-driven surge
Wednesday, 1 Mar 2017 07:00:55 | Michael Janda
CoreLogic says Sydney's annual property price growth is now the strongest since December 2002. (ABC News)
A property investor-driven buying spree is continuing to push home prices higher in Australia's two biggest cities, with Sydney recording its fastest annual growth in more than 14 years.
The latest CoreLogic home price index for February showed prices jumped 2.6 per cent last month in Sydney, brining the annual price rise to 18.4 per cent.
That is the strongest annual pace of growth in that city since December 2002, at the peak of the early-2000s boom.
Nationally, strong gains for Melbourne and Canberra led home prices 1.4 per cent higher over the month and 11.7 per cent up over the past year.
More to come.
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