Australian home values surged another 1.4% in March, marking the fastest growth rate in prices for the country since May 2010, according to a report released Monday by CoreLogic, a property data research group based in the country.
The 12.9% annual growth rate of house values across Australia is at a seven-year high, CoreLogic found.
Sydney home prices, meanwhile, are growing at their fastest yearly rate, 19%, since November 2002.
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Despite a consistent growth in most major cities in Australia, Sydney and Melbourne are the only two cities that have recorded house-value increases of more than 25% since the beginning of 2010, according to CoreLogic. Data from the Australian Bureau of Statistics shows home prices in Sydney have doubled after the financial crisis in 2009, and Melbourne has grown more than 92.4%.
"While Sydney and Melbourne recorded the strongest growth conditions, the annual rate of capital gains has also moved into double-digit growth in both Hobart (+10.2%) and Canberra (+12.8%)," Tim Lawless, head of research at CoreLogic, said in the report.
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The latest data reaffirms the heating house market in Australia. The surging house prices have become a concern for regulators. Fearing a real estate bubble, the Australian government has introduced many rules to calm housing prices.
In 2014, the Australian Prudential Regulation Authority placed a 10% limit on growth in new lending to investors, a regulation that aims to tighten the buy-to-let sector. And last Friday, the authority told lenders to limit higher risk "interest-only" loans to 30% of new residential mortgages.