Home prices in Australia's biggest cities have jumped 3.7 per cent since the start of the year with the proportion of settled auctions on the rise as well.
Sydney has led the charge, with prices there jumping 5.3 per cent since January 1, according to the latest data from CoreLogic.
More National News Videos
- Video duration
- 01:03
Housing affordability agenda
Housing affordability agenda
Treasurer Scott Morrison outlines what he wants to achieve ahead of the State and Treasurers meeting in Canberra with housing affordability to be a priority.
Up Next
Australian children fear parents will be deported
- Video duration
- 02:31
- Video duration
- 02:31
Australian children fear parents will be ...
Australian children fear parents will be deported
Two Australian children face being separated from their parents after the government made moves to deport the couple back to Fiji. Video by Kate Geraghty.
Up Next
18C changes lack support
- Video duration
- 01:29
- Video duration
- 01:29
18C changes lack support
18C changes lack support
A Fairfax-Ipsos poll reveals a vast majority of voters, including coalition voters, support the existing wording of race-hate laws. Matthew Knott explains.
Up Next
Cyclone Debbie: evacuations underway in Queensland
- Video duration
- 00:45
- Video duration
- 00:45
Cyclone Debbie: evacuations underway in ...
Cyclone Debbie: evacuations underway in Queensland
Thousands of residents in North Queensland have fled their homes as the tropical cyclone strengthens into a category 4 system.
Up Next
Bourke Street tragedy: surviving after loss
- Video duration
- 01:53
- Video duration
- 01:53
Bourke Street tragedy: surviving after ...
Bourke Street tragedy: surviving after loss
The parents of a baby boy killed in the rampage have said it is a miracle their daughter somehow survived. (Video courtesy: A Current Affair, Channel Nine)
Up Next
Police urge Mackay residents to evacuate
- Video duration
- 01:58
- Video duration
- 01:58
Police urge Mackay residents to evacuate
Police urge Mackay residents to evacuate
Residents of low-lying Mackay have been told to evacuate ahead of expected tidal surges as a result of Tropical Cyclone Debbie. Vision courtesy ABC News 24.
Up Next
Siege ends with man's death
- Video duration
- 01:14
- Video duration
- 01:14
Siege ends with man's death
Siege ends with man's death
A gunman is dead after a nine hour siege at a home in Werribee after a 35-year-old man barricaded himself inside the house when police arrived to question him over an aggravated robbery. Vision courtesy Seven News Melbourne.
Up Next
First generators shut at Hazelwood
- Video duration
- 01:29
- Video duration
- 01:29
First generators shut at Hazelwood
First generators shut at Hazelwood
The first coal fired generators at Hazelwood power station are shut down. The plant supplies up to a quarter of the state's energy and it's closure could see electricity prices rise. Vision courtesy Seven News Melbourne.
Housing affordability agenda
Treasurer Scott Morrison outlines what he wants to achieve ahead of the State and Treasurers meeting in Canberra with housing affordability to be a priority.
The median house price in Sydney is $950,000, while the median unit price hit $740,000.
Melbourne residential property prices have risen 4.4 per cent since the start of this year, with the median house price at $710,000 and the unit price at $525,000.
Related Content
Perth was the only capital where prices have fallen, edging down 1.1 per cent.
Meanwhile, Hobart remains the cheapest market with median house prices at $365,000 and unit prices at $306,500.
The Reserve Bank of Australia last week warned there had been a build-up of risks associated with the housing market, while the head of Australia's corporate watchdog said Sydney and Melbourne were in the midst of a property bubble.Â
CoreLogic also reported that the national auction clearance rate jumped to 77.1 per cent in the week to March 26, from 74.1 per cent the previous week.
The auction clearance rate was 70.9 per cent in the same week in 2016.
Sydney had the highest rate last week, at 81.1 per cent, while in Melbourne 79.9 per cent of properties up for auction sold.
Canberra had a clearance rate of 78.4 per cent, in Tasmania 71.4 per cent of auctioned properties sold, and in Adelaide it was 68.2 per cent.
However, less than half the auctions held in Brisbane and Perth settled in the week, with clearance rates of 44 per cent and 30.8 per cent, respectively.
CoreLogic's data also showed that there were 3147 auctions last week - the second highest in the year to date, and up from 2916 the previous week.
The number of new property listings had also jumped, by 4.9 per cent over the previous 12 months, but the total number of listings has slumped 4Â per cent.
AAPÂ