It was no April Fools' Day joke, unfortunately. Sydney house prices have shot up again ? and not just a little.
After 40 per cent growth in three years, against our worst fears the real estate industry included price growth seems to be accelerating. Almost 6 per cent over the first three months of this year, says RP Data, 3 per cent of that in just March.
We shouldn't be surprised either. Who could ever have believed the city could achieve the highest ever auction clearance rate 87.5 per cent, says Domain Group last Saturday when 1128 homes went under the hammer. The biggest auction day ever. On a state election day.
"This is the hottest of hot auction markets ever," the group's senior economist, Andrew Wilson, said.
So of course prices are rising. Money's cheap, with interest rates at historic lows. Everyone wants a piece of our beautiful city. Investors and upgraders are going mad.