A three-bedroom home in one of Melbourne's most affluent suburbs has sold for $1million over the asking price - proving Australia's housing market has no plans to slow down. The sale comes as Australian house prices surge at the fastest pace in 18 years. Sydney's median house price soared by an even more impressive 3 per cent last month, marking a dramatic turnaround from 2020 as Covid shutdowns hurt Australia's biggest real estate market. CommSec senior economist Ryan Felsman said preliminary auction clearance rates of 81.9 per cent suggested property prices would keep booming. Canberra values surged by 2.2 per cent in one month, with median house prices in the national capital now standing at $797,421.

Source: Daily Mail March 15, 2021 23:58 UTC