March 7, 2024

NAB Australian Housing Market Update: March 2024

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

Housing values posted a broad-based rise in February with CoreLogic’s national Home Value Index up 0.6% in February. This was a 20 basis point acceleration from the 0.4% increase seen in January, and strongest monthly gain since October last year.

Each of the capital cities and rest-of-state regions recorded a lift in values over the month, except Hobart where the market eased -0.3%.

Housing values have been more than resilient in the face of high interest rates and cost of living pressures.  The ongoing rise in values reflects a persistent imbalance between supply and demand which varies in magnitude across our cities and regions.

Perth continues to stand out with a substantially higher rate of growth compared to any other region, up 1.8% over February, with Adelaide, Brisbane and the regional areas of South Australia, Western Australia and Queensland also showing a consistently high rate of capital growth month-to-month.  These regions are generally benefiting from a combination of comparatively lower housing prices and positive demographic factors that continue to support housing demand.

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

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