According to a report released by real estate research firm CoreLogic on Tuesday, housing prices in Australia rose by an average of 2.2% in May and an average of 7% in the three months ending May.

In Australia's largest city, Sydney, housing prices in the past three months recorded the biggest increase since September 1988. Among them, housing prices in the high-end market rose 12%. Under low interest rates and insufficient supply, cash-rich buyers snapped up high-end properties.

According to the data, out of the 334 regions analyzed by CoreLogic, housing prices have risen in 97% of regions in the past three months.

In the past 12 months, housing prices in Australia have risen 10.6%. Melbourne is the worst performing metropolitan city. Affected by the epidemic lockdown measures, housing prices here have risen nearly 5% over the past year.