CoreLogic’s national Home Value Index posted a 0.3% rise in February, ending a short-lived three-month downturn.

The February rise was subtle but broad based, with every capital and ‘rest-of-state’ region, except Darwin and Regional Victoria, recording a rise in values.

The largest month-on-month change across the capitals was recorded in Melbourne and Hobart, both up 0.4%.  These are also the markets where home values have previously been among the weakest. For Melbourne, the lift breaks a streak of ten consecutive months of falling values.

Conversely, the mid-sized capitals of Brisbane, Perth and Adelaide have lost their mantle as the strongest growth markets. With a monthly change of 0.2% to 0.3%, the mid-sized capitals were outpaced by Melbourne and Hobart. Adelaide and Brisbane are still leading the rolling quarterly growth trend, up 1.2% and 0.9% respectively, but Perth’s value growth has slowed more sharply with a quarterly change to just 0.3%.

The return to growth across Sydney and Melbourne was driven by the more expensive end of the market, with the upper quartile leading the monthly gains in both cities after recording the sharpest declines. This stronger performance is in line with historical trends, where premium housing markets in Sydney and Melbourne have been the most sensitive to rate cuts.

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State-based housing updates:

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VIC

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WA

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NT

ACT