Australian property values grew at their fastest rate in 17 years in February, with every capital city and all regional markets lifting their dwelling prices.

The rare circumstance of all 15 market jurisdictions (eight capital cities and seven regional markets) rising strongly at the same time confirms that Australia is experiencing a nationwide real estate boom, the first since 2001-2003.

National home values rose 2.1% in February to a median of $599,000 – the largest month-on-month increase since August 2003. The two biggest capital cities recorded the strongest monthly growth: Sydney’s median home value rose 2.5% to $896,000 and Melbourne’s rose 2.1% to $718,000. Hobart property values also recorded a 2.5% monthly rise to $536,000.

But, in annual terms, the growth in house prices is being led by Darwin (up 16.3%), Regional Tasmania (14.6%), Regional South Australia (11.6%), Regional NSW (11.5%), Canberra (11%) and Hobart (10.2%). CoreLogic’s research director Tim Lawless describes the growth in property markets as “phenomenal” against the backdrop of the pandemic.