September 18, 2023

NAB Australian Housing Market Update: September 2023

The national Home Value Index rose 0.8% in August marking a sixth consecutive month in this growth phase.

The monthly gain was a slight acceleration from the 0.7% increase in July, interrupting a two-month trend of slowing capital gains.  Since bottoming out in February, the national home value index is up 4.9%, adding approximately $34,301 to the median dwelling value.

The recovery trend remains broad-based, with every capital city except Hobart recording a rise in dwelling values over the month. Gains were led by a 1.5% increase across Brisbane, followed by Sydney and Adelaide where home values were up 1.1%.

The recovery trend to-date has been led by Sydney, with a gain of 8.8% since the market found a floor in January.  Brisbane has also posted a strong recovery with values up 6.2% since bottoming out in February.

At the other end of the scale, some other capital cities are better described as flat, with Hobart home values unchanged since stabilising in April, while values across the ACT have risen only mildly, up 1.0% since a trough in April.  These are also the only two capital cities where advertised supply is tracking higher than a year ago, suggesting a rebalancing between buyers and sellers is a key factor contributing to the stability of values in these regions.

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