CoreLogic’s research director, Tim Lawless, said one reason prices are rising in some areas again is due to the tight rental market, where accommodation is scarce and rents are rising rapidly.

That’s motivating some tenants to switch from renting to buying, thereby increasing buyer demand.

“Similarly, with net overseas migration at record levels and rising, there is a chance more permanent or long-term migrants who can afford to, will skip the rental phase and fast track a home purchase simply because they can’t find rental accommodation,” he said.