Australian housing market update: April 2023
After a six-month period where the downwards trend in housing values consistently lost steam, CoreLogic’s national Home Value Index posted the first month-on-month rise since April 2022, up 0.6% in March. Dwelling values were higher across the four largest capital cities and most of the broad ‘rest-of-state’ regions, led by a 1.4% gain in Sydney.
Although interest rates are high and there is an expectation the economy will slow through the year, it is clear other factors are now placing upwards pressure on home prices. The rise in values can be put down to a combination of low advertised stock levels, extremely tight rental conditions and additional demand from overseas migration.
Advertised supply has been below average since September last year, with capital city listing numbers ending March almost -20% below the previous five-year average.
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