Growth, inflation and labour market all easing
CoreLogic’s national measure of housing values rose by 1.1% in January, up 10 basis points from the December result.
CoreLogic’s national measure of housing values rose by 1.1% in January, up 10 basis points from the December result, when the national index was up 1.0%, but well down from the peak rate of 2.8% in March last year.
Five of the eight capital cities recorded a modest uptick in the monthly rate of growth, including Melbourne, which had posted a slight decline in values over December. Despite this, the quarterly change continued to soften, reflecting the longer-term trend of slowing growth across most regions of Australia.
Housing stock is thinly traded during January, so it will be important to monitor the trend as transactional activity picks up to see if this softening trend persists into the first quarter of 2022. The early indication is that housing markets are starting 2022 with a similar trend to what we saw through late last year. Values are still broadly rising, but nowhere near as fast as they were in early 2021.
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