Welcome to CoreLogic’s housing market update for December 2023.
While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread.
This month CoreLogic are covering off on housing market trends through to the end of March, which shows a moderation in the rate of value decline, but a broadening in the geographic scope of weaker conditions.
Although the CoreLogic national hedonic index series trended lower in March, the actual rate of decline has been easing over the past three months. National dwelling values were down 0.6% in March, which was the smallest of the month-on-month declines since values fell by 0.5% in October last year.
While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread. Dwelling values were down across six of the eight capital cities over the month, with Canberra values holding firm while Hobart values were 0.6% higher. Outside of the capital cities, most of the ‘rest of state’ regions also recorded a fall in values; the exceptions being regional Tasmania where values were half a percent higher and regional South Australia where values were up three tenths of a percent.
The quarterly trend in dwelling values is showing a similar pattern, with six of the eight capitals recording a fall in values over the March quarter, led by Darwin, which was down 3.9%, followed by Melbourne where the market was down 3.4% and Sydney which recorded a 3.2% drop in values.
National dwelling values have been trending lower for seventeen months and have fallen by a cumulative 7.4% since peaking in October 2017. Despite the broad based weakness, the national index remains 15.9% higher relative to five years ago, highlighting that most property owners remain in a strong equity position.
To find out more, read the April Housing Market Update transcript or take a look at the national update or your capital city update by clicking on the relevant link below:
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