At a high level, there is still more demand for housing than available supply, but the flow of advertised supply and demand are becoming increasingly balanced.
Report
October 10, 2024
NAB Australian Housing Market Update: October 2024
Welcome to CoreLogic’s housing market update for October 2024. The latest housing data shows values are still rising - at least at a macro level - but the pace of growth is losing steam and conditions are becoming more diverse from region to region. National dwelling values rose +0.4% in September, the twentieth straight month of rising values at a national level.
Nationally, housing values rose 1.0% in the September quarter, the lowest growth in the national Home Value Index over a rolling three-month period since March 2023 when the market was moving through the early phases of the current upswing.
Demonstrating the diversity of housing conditions, four capital cities recorded a fall in dwelling values through the September quarter, led by Melbourne where values were down -1.1%. Canberra, Hobart and Darwin also recorded declines over the quarter. Sydney home values have continued to rise however the 0.5% increase through the September quarter was the lowest growth result since the three months ending February 2023 when values were down -0.3%.
The mid-sized capitals, which have led the pace of capital gains through most of the upswing, are also losing momentum, although growth continues to significantly outpace other capitals. Perth values were up 4.7% through Q3, easing from 6.2% in the June quarter. The quarterly gains in Adelaide looks to have reached a peak with a 4.0% rise through the quarter and Brisbane’s quarterly growth has eased back to 2.7%, the lowest rise over a rolling three month period since April last year.
