NAB Australian Housing Market Update: June 2023

The national measure of dwelling values recorded a third consecutive rise last month, with the pace of growth accelerating sharply to 1.2%. After finding a floor in February, dwelling values nationally have increased 2.3% in the three months to May, following a 9.2% drop.

By NAB Group Economics

Sydney continues to lead the recovery trend, posting a 1.8% lift in values over the month, the largest monthly gain since September 2021. Since moving through a trough in January, home values have risen by 4.8%, or by roughly $48,000 in dollar terms.

Brisbane and Perth were the only other capitals to record a monthly gain of more than 1.0%, however, the rise in values through May was broad-based with the rate of growth accelerating across every capital city.

The positive trend is a symptom of persistently low levels of available housing supply running up against rising housing demand.