According to the latest report from CoreLogic, in the three months leading up to October this year, prices for detached houses and units in 4,506 suburbs across Australia increased in 82.4% of suburbs.

This data is prior to the RBA's November interest rate hike, marking the 13th increase in 18 months, bringing the cash rate to 4.35%, reaching a 12-year high.

Despite rising interest rates and economic conditions being weak, property prices in several suburbs of cities like Sydney, Melbourne, Brisbane, Adelaide, and Perth have experienced double-digit growth due to record-high immigration levels.

For example, property prices in Thornleigh in the northern part of Sydney, Strathfield and Five Dock in the inner west, have all significantly increased within a year, well above the median values for the broader Sydney area. Similar growth patterns are observed in Bankstown and Blacktown in the southwest of Sydney.

In Melbourne and Brisbane, prices in certain suburbs have also seen significant increases. Brisbane, in particular, has experienced widespread double-digit growth, linked to interstate migration growth in the region. For instance, Macgregor and Coorparoo in Brisbane have seen significant growth in property prices within a year.

Certain areas on the Gold Coast and Adelaide have also witnessed double-digit growth in property prices. Examples include Gilston on the Gold Coast and Taperoo and Toorak Gardens in Adelaide.

Australia has attracted over 400,000 immigrants who settled in the country by the end of August this year. If this trend continues, the number of skilled migrants and international students may surpass the Treasury's forecast of 315,000.

This significant influx of population has played a role in driving demand in the real estate market. Additionally, the shortage of supply is another contributing factor to the rise in prices.

However, it's worth noting that the real estate market situation may vary in different regions. Some cities and suburbs may experience more pronounced increases in property prices, while others may remain relatively stable or see declines. Therefore, investors and homebuyers need to carefully consider when choosing investment locations.

Meanwhile, Australia's inflation rate reached 5.4% in the past year, well above the RBA's target range of 2% to 3%. This is also one of the economic indicators that needs close attention. The RBA will continue to monitor the inflation situation and take appropriate monetary policy measures as needed.