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.
Welcome to CoreLogic’s housing market update for November 2023.
The national Home Value Index rose a further 0.9% in October, accelerating from a 0.7% rise in September. Since finding a trough in January, the national HVI has increased 7.6%, leaving the index only half a percent below the historic high recorded in April last year.
At this rate of growth, we are likely to see the national HVI reach a new record high mid-way through November, recovering from the -7.5% drop in values recorded over the recent downturn between May 2022 and January 2023.
Although housing values are consistently rising across most capital cities, there has been a clear slowdown in the quarterly pace of growth trend. Capital city home values rose 2.6% over the three months to October, down from the 3.7% rise seen over the three months to June, likely driven by a combination of higher advertised stock levels and stretched affordability. As the flow of new listings coming onto the market accelerates, it’s unlikely buyer demand will be able to keep pace amid high interest rates and low sentiment.
Dwelling values rose across each of the capital cities except Darwin through the month, with Perth, Brisbane and Adelaide the top performers. Meanwhile Sydney, Perth and Brisbane have all seen dwelling values rise by more than 10% over the first 10 months of the year.
Brisbane housing values posted a nominal recovery in October, erasing the previous -8.9% drop in values to reach a new record high. Perth and Adelaide are also at new record highs after recovering from shallow downturns earlier this year. Across the other capitals, Sydney values remain -2.2% below their January 2022 peak and Melbourne values are -3.7% below the March 2022 peak. Hobart values are down the most from their recent high, remaining -11.6% below peak levels.
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