Welcome to CoreLogic’s housing market update for December 2024.
Report
November 11, 2024
NAB Australian Housing Market Update: November 2024
Welcome to CoreLogic’s housing market update for November 2024. Nationally, dwelling values rose a further 0.3% in October, the 21st month of growth since the cycle commenced in February last year however as we approach the end of the year, there are signs the housing market is losing momentum and conditions are becoming more diverse from region to region.
The subtle positive movement was supported by the mid-sized capitals, led by Perth with a 1.4% rise over the month, offsetting declines in Darwin, Canberra, Melbourne and Sydney, as well as regional Victoria (-0.2%).
While the mid-sized capitals are still leading the charge when it comes to value growth, these markets are also losing momentum. Perth continues to lead the nation with a 1.4% rise in values over the month, but this is well down from the growth seen over the February to June period earlier in the year when monthly gains averaged more than 2%.
Adelaide values have risen by more than 1% each month since March, but conditions look to be slowing here as well with October’s 1.1% gain marking the lowest monthly rise since June. Brisbane’s monthly gain of 0.7% was the lowest since July.
The annual growth trend has continued to ease, reducing to 6.0% over the 12 months ending October, down from a recent peak annual growth rate of 9.7% in February.
