According to Eliza Owen, Research Director at CoreLogic, signs of recovery in the high-end market are becoming increasingly evident, with the potential for further robust growth in the coming months.

Owen points out that some of the strongest growth indicators this quarter have been seen in the high-end market, strengthening the short-term growth prospects for Sydney's market. Compared to the end of last year, house prices in Sydney and Melbourne have shown a significant upward trend this quarter, indicating a market recovery from the previous sluggish state.

In the Sydney market, the best-performing suburbs are mainly concentrated in the Lower North Shore, Central Coast, and Inner South West. The rate of house price growth in these areas is about 8 times the average quarterly increase in Sydney.

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Taking Longueville as an example, house prices have seen the largest increase over the past three months, reaching AUD 242,000, with the median price rising by 4.8% to AUD 5.3 million, possibly driven by demand from affluent buyers. Other areas such as Haberfield and Lane Cove West have also performed well, showing a relatively stable growth trend.

In Melbourne, suburbs like Carlton North, Abbotsford, and Clifton Hill in the inner city, as well as Sorrento and Portsea in the Mornington Peninsula, have also experienced significant growth in house prices. The price increases in these areas are at least 2.8%, far exceeding the city's overall decline.

Furthermore, in suburbs that have underperformed in recent years, such as North Melbourne, Carlton, Docklands, and Southbank, unit prices have also rebounded by 5.6%, with an average increase of approximately AUD 21,000.

The Kalinga area in Brisbane also recorded the fastest house price growth in the past three months, primarily driven by demand from buyers from other states.