June 13, 2023

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.

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.

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