August 8, 2024

NAB Australian Housing Market Update: August 2024

Welcome to CoreLogic’s housing market update for August 2024.

National dwelling values rose +0.5% in July, consistent with June and the 18th consecutive monthly increase in values nationally.

While the headline growth rate remains positive, it is clear momentum is leaving the cycle and conditions are becoming more diverse.

Three capitals recorded a decline in values over the past three months, led by Melbourne with a 0.9% fall, alongside small reductions in Hobart and Darwin values.

The rolling quarterly pace of growth has slowed markedly in Sydney to 1.1%, a fraction of the 5.0% quarterly gain recorded at the same time last year. These dynamics are weighing on growth in national home values, which are up 1.7% in the past three months compared to the 3.2% increase seen this time last year.

The mid-sized capitals are continuing to buck the slowing trend, with the quarterly pace of growth in Perth tracking at 6.2%, while growth in Adelaide accelerated to 5.0%, the fastest rolling quarterly pace of growth since May 2022. Brisbane values rose at a quarterly pace of 3.8%, though this is down from a 4.7% increase seen this time last year.

Read the full transcript here or watch the capital city video updates below for the latest news:

 

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