house prices
(Image: AAP/Lukas Cock)

House prices are back up. Are you even surprised?

This is Australia, where the family home is as well protected from price falls as from fire. If even the smallest embers of a price fall begin to smoulder in the housing market, the government shows up in its bright red trucks spraying subsidies and interest rate cuts everywhere until the threat abates.

Prices are up 4% in Sydney and Brisbane compared to 2019, and 5% in Adelaide. This is despite a cataclysmic pandemic and the deepest recession since the Great Depression. Perth is up just under 1%.