Welcome to CoreLogic’s housing market update for December 2023.
Momentum continued to build across Australian housing markets last month, as values rise at the fastest rate in seventeen years.
Our national index showed housing values surged 2.1% higher in February, which was the largest month-on-month rise since August 2003. Spurred on by a combination of record low mortgage rates, improving economic conditions, government incentives and low advertised supply levels, Australia’s housing market is in the midst of a broad-based boom.
Housing values are rising across each of the capital city and rest of state regions, demonstrating the diverse nature of this housing upswing. A synchronised growth phase like this hasn’t been seen in Australia for more than a decade. The last time we saw a sustained period where every capital city and rest of state region was rising in value was mid-2009 through to early 2010, as post-GFC stimulus fueled buyer demand.
Sydney and Melbourne were among the strongest performing markets, recording a 2.5% and 2.1% lift in home values over the month respectively, as Australia’s two largest cities caught up from a weaker performance through 2020. The quarterly trend however, is still favouring the smaller cities; Darwin housing values rose 5.5% over the past three months, Hobart values rose 4.8% and Perth was up 4.2%.
Find out the latest news for each capital city by clicking the link and watching the videos below or read the full Australian housing market update March 2021 transcript.
© National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.