May 10, 2024

NAB Australian Housing Market Update: May 2024

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

Australian home values moved through a 15th straight month of growth in April with CoreLogic’s national Home Value Index rising 0.6%, on par with the pace of gains recorded in both February and March.

Multi-speed conditions have become increasingly evident, with the mid-sized capitals continuing to lead the pace of growth. Perth remains at the top of the growth charts with a 2.0% rise in April, followed by Adelaide at 1.3% and Brisbane at 0.9%.  The monthly change in Sydney has held reasonably firm around the 0.4% mark each of the past three months, while Melbourne’s market has broadly stabilised after recording a subtle -0.8% dip over the three months to January.  The smaller capitals have emerged from relatively soft conditions, with both Hobart and ACT recording three months of consistent, albeit mild, rises in home values.

Almost every capital city is recording stronger growth conditions across the lower value range of the market. This shift towards stronger conditions across lower price points can also be seen between the housing types, with growth in unit values outpacing house values over the past three months.

Regional markets have shown slightly stronger quarterly growth over the past five months than their capital city counterparts, following a 10-month period where the combined capitals index was outperforming. Looking at value movements over the past three months, the strongest regional markets were aligned with the strongest capital cities.

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

 

Property Market Update & Economic Outlook

Property Market Update & Economic Outlook

18 April 2024

Hear NAB’s senior expert panellists discuss a range of topics to provide key insights to help you and your business prepare for the current property market climate.

Property Market Update & Economic Outlook