House prices in Australia’s east coast capitals are continuing their upward trajectory with no signs of decline, according to a new report from CoreLogic RP Data. House prices in Sydney, Melbourne, and Canberra made an average 0.5% gain last month. This takes the quarterly rise to 2.7%, while prices were 7.5% higher over the past year.

According to Tim Lawless, head of research at CoreLogic RP Data, capital city housing values are 9% higher over the first 10 months of 2016. This reacceleration is being driven by Australia’s two largest property markets—Sydney and Melbourne, with Canberra along for the ride.  

"Consistently over the past two months we've been seeing Sydney clearance rates above 80 per cent, in fact there's only been one week over the past eight where the clearance rate has dipped only slightly below the 80 per cent mark," said Lawless.

"So I think we have seen some rebuilding in the housing market on the back of a lower cash rate and lower mortgage rates."

Across many of the capitals, detached houses are outperforming units for price growth amid fears of a looming apartment glut. The gap in price growth is less pronounced in Sydney, where apartment oversupply fears are less amplified.  

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