Australian home prices increased by 0.8% in May, marking the sixteenth consecutive month of increases, according to real estate consultant CoreLogic.

The lack of supply has shielded prices from high interest rates, cost of living pressures, and negative consumer sentiment.

State capital cities like Perth, Adelaide, and Brisbane saw prices increase by 2.0%, 1.8%, and 1.4% respectively.

Sydney’s 0.6% increase matched January 2022’s record high, and property values have since increased by 14.1%. Australian home price increases are expected to surpass global inflation over the next two years, with inventories remaining below average.