August 9, 2023
NAB Australian Housing Market Update: August 2023
The national Home Value Index rose 0.7% in July marking a fifth consecutive month in the recovery trend to-date. Since finding a floor in February, the national index is up 4.1%, following a -9.1% decline from record highs in April 2022.
The rise in values since February has recovered about $29,000 from the recent downturn. Nationally, home values are still -5.3% below the April 2022 peak, with only Perth, Adelaide and Regional South Australia recording a new cyclical high in dwelling values through July.
While housing values are continuing to record a broad-based rise, the rate of growth has lost momentum over the past two months, slowing from a 1.2% increase in May and 1.1% in June.
