The cost of buying a home in Australia has reached yet another record high after climbing nearly 9 per cent over the last year.
According to the latest update to CoreLogic's home value index, the average price of a property is now sitting at $765,762 – an all-time high that is about $63,000 above what it was in February last year.
CoreLogic economist Kaytlin Ezzy said the increase came despite interest rate hikes and other cost-of-living pressures, and was due to the high demand for Australia's limited housing supply.