Australia house prices soar at 'unsustainable' rate | WHAT REALLY HAPPENED

Australia house prices soar at 'unsustainable' rate

House prices are soaring in Australia's state capitals as all-time low interest rates and a lack of properties on the market drive up valuations.

Six cities have seen record prices for the third quarter in a row, according to a report by real estate site Domain.

It also said Sydney, Canberra, Hobart and Darwin have seen property values rise by over 20% in the last year.

Experts warn the increases are "unsustainable" as property becomes unaffordable for many.

The Domain House Price Report highlighted a "perfect storm" of rock bottom borrowing costs, a small number of properties on the market, strong demand, and government stimulus money amid the pandemic.

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