<\/p>\n
Home prices have continued to grow even as economists warn of more interest rate hikes.<\/p>\n
Australia\u2019s housing market has defied interest rate hikes and economic uncertainty with another spike in prices over February.<\/p>\n
PropTrack data released Monday showed national prices rose by an average of 0.5 per cent for the month and are now 9.1 per cent, or nearly $90,000, higher than a year ago.<\/p>\n
The rise suggested numerous economic headwinds, including the threat of further interest rate rises, failed to squash buyer appetite for houses and units, especially in medium-sized capitals.<\/p>\n
Brisbane, Adelaide and Perth led the mainland market with rises of 0.6-0.7 per cent over the month and the median prices of dwellings in all three markets are now substantially higher than a year ago.<\/p>\n
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RBA governor Michele Bullock announced the first of what is expected to be multiple cash rate hikes at the start of February. Picture: Martin Ollman<\/p>\n
Perth dwelling prices had the strongest growth in the country over the past year with a rise of close to 20 per cent, or about $170,000.<\/p>\n
Brisbane prices rose an average of nearly 16 per cent, or about $153,000, for the year, while the annual Adelaide rise was 15 per cent, or about $120,000.<\/p>\n
Hobart recorded the largest monthly rise in prices at 1 per cent, with prices up nearly 9.1 per cent from a year ago, signalling a major recovery for what had been a struggling market for many years.<\/p>\n
Rises in Sydney and Melbourne prices were more sedate by comparison, with the latter recording monthly growth of 0.3 per cent and annual growth of 3.4 per cent.<\/p>\n
Sydney prices rose by an average of 0.5 per cent over February and 6.1 per cent for the year.<\/p>\n
Sydney\u2019s seemingly slower growth compared to smaller capitals still delivered close to $103,000 in average gains due to how high prices already were.<\/p>\n