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Prices up 1.7% nationwide, driven by Sydney and Melbourne, with rises of 2.7% and 2.2% respectively.
House prices surged 1.7% across Australia in November, the rapidly reviving market recording the biggest monthly rise since 2003, according new figures.
The value of homes rose for the fifth month in a row driven by Sydney and Melbourne, where prices were up 2.7% and 2.2% respectively last month, the research firm CoreLogic said on Monday.
The rise was also felt in every other capital city except Darwin in what CoreLogic described as “a broadening in the geographic scope of this upswing”.
However, the rise in house prices came ahead of more sobering data on Monday showing an 8% drop in approvals for new home construction, a fall in company profits, continuing slow growth in wages and a fewer jobs being advertised.