Australian dwelling values increased a further 0.7% in June, taking growth to 8.0% across the 2023/24 financial year, the equivalent of a $59,000 increase in the median value.

The annual rise for the financial year 2023/2024 of 8% was in stark contrast to the previous financial year when CoreLogic’s national index was down -2.0%. In that year, annual growth was weighed down by a -7.5% drop in values in the nine months following May 2022, when the cash rate target started to rise.

Despite the strong annual gain, the quarterly rate of growth has eased since the highs of mid-2023 when the pace of gains peaked at 3.3%.  The most recent June quarter saw dwelling values rise by 1.8% which is roughly in line with the March quarter at 1.9% and December quarter last year at 1.8%.

It seems the national index has found a groove, rising between 0.5% to 0.8% month on month since February. The persistent growth comes despite an array of downside risks including high rates, cost of living pressures, affordability challenges and tight credit policy.  The housing markets resilience comes back to tight supply levels which are keeping upwards pressure on values.

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