Canberra, Jun 1 (IANS): The national Home Value Index for Australia rose for the consecutive third month in May, with a 1.2-percent monthly growth rate hitting the highest level since November 2021, said property data provider and analytics CoreLogic on Thursday.

After finding a floor in February, home values increased 0.6 per cent and 0.5 per cent through March and April, respectively, Xinhua news agency quoted CoreLogic as saying.

According to a statement from the data provider, among Australia's eight capital cities, Sydney posted the fastest monthly home value growth rate of 1.8 per cent in May, which is the city's highest monthly gain since September 2021.

It was followed by Brisbane and Perth, which recorded monthly home value growth rates of 1.4 per cent and 1.3 per cent respectively.

Other capitals had their monthly growth less than 1 per cent in May, but the rise in values was broad-based, with the growth accelerating across every capital city, CoreLogic added.

Tim Lawless, CoreLogic's Research Director, said that persistently low levels of available housing supply were running up against rising housing demand in Australia's capital cities.

"The last time capital city stock levels were this low, at this time of the year, was in 2007," he said.