Global growth resilient in Q3 but set to slow going into 2024
Australian housing values have moved through a fourth month of recovery with CoreLogic’s national Home Value Index rising 1.1% in June, decelerating slightly from the 1.2% gain recorded in May.
Every capital city except Hobart saw dwelling values rise in June, with Sydney continuing to lead the cycle, up another 1.7% in June to be 6.7% higher since values found a floor in January. In dollar terms, Sydney’s median dwelling value is rising by roughly $4,262 a week.
A lack of available supply continues to be the main factor keeping upwards pressure on housing values. Through June, the flow of new capital city listings was nearly -10% below the previous five-year average and total inventory levels are more than -25% below average. Simultaneously, our June quarter estimate of capital city sales is tracking 2.1% above the previous five-year average.
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