abc.net.au/news/property-price-rebound-gathering-pace-proptrack-corelogic/102415292The house price recovery gathered pace in May, with Sydney continuing to lead a broad recovery, as the number of properties listed for sale fell further.Around 1,800 fewer homes were listed for sale in capital cities than at the end of AprilThe latest CoreLogic national Home Value Index rose by 1.2 per cent last month, its third straight monthly rise.
Brisbane and Perth posted the next largest gains, up 1.4 per cent and 1.3 per cent respectively, while all other capital cities also experienced accelerated growth in the month. Supply is certainly tight, with the number of homes advertised for sale falling further in May, with fresh listings 13.1 per cent below the five-year average.
Appearing before Senate Estimates on Thursday Reserve Bank governor Philip Lowe said housing supply was one of the biggest challenges facing the country.