New data from property research firm CoreLogic shows Australian home values surged 2.1 per cent higher in the month of February, in record numbers not seen since 2003.

Research director at CoreLogic, Tim Lawless, said Brisbane values are up 1.5 per cent in February, and over the past 3 months they’re up 3.5 per cent.

He said it is a sellers market and buyers are getting “fear of missing out”.

“I don’t think it’s a bubble yet,” he said.

“If you look at the context of this growth, it is rapid, it is unprecedented, but it comes after values have fallen and it is amidst record low mortgage rates but it is also in an environment where wages are hardly rising, we’re expecting household incomes to remain relatively low the next few years, so we wouldn’t expect this growth to continue.”

He also explained how he thinks the Olympics would build Brisbane’s brand internationally for prospective buyers.

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