Australian housing market update: May 2023
It’s looking increasingly likely that Australian housing values have bottomed out, with CoreLogic’s national Home Value Index having posted a second consecutive monthly rise. April’s half a percent increase, follows a 0.6% lift in March, leaving the Home Value Index 1.0% higher over the past three months.
It’s becoming more evident the housing market has moved through an inflection point after falling -9.1% between May 2022 and February 2023. Not only are we seeing housing values stabilising or rising across most areas of the country, a number of other indicators are confirming the positive shift. Auction clearance rates are holding slightly above the long run average, sentiment has lifted and home sales are trending around the previous five-year average.
Sydney increased 1.3% in April and is leading the positive turn in housing conditions, with dwelling values rising each month since February. In further evidence that a positive growth trend has emerged, the four largest capital cities all recorded a rise in housing values over the rolling quarter.
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