Business Research & Insights

This article first appeared in the Australian Financial Review.

The national measure of dwelling values recorded a third consecutive rise last month, with the pace of growth accelerating sharply to 1.2%. After finding a floor in February, dwelling values nationally have increased 2.3% in the three months to May, following a 9.2% drop.

CoreLogic's national Home Value Index moved through a seventh month of decline last month with values dropping -1.0%, bringing values approximately -$53,400 below April's peak.

CoreLogic’s national home value index moved through its sixth month of decline last month, with values down a further 1.2%, taking the cumulative drop from the market peak to 6.0%.

Market sentiment: is it a good time to buy, sell, renovate & other property intentions

The housing downturn accelerated through August, as falling values became more widespread, taking CoreLogic’s national Home Value Index into a fourth consecutive month of decline. The national index was down -1.6% over the month, which was the largest month-on-month decline since 1983.

Our national Home Value Index recorded a second consecutive month of decline in June, down -0.6%, to be -0.2% lower over the June quarter.

Housing markets lost more steam in May as a combination of higher interest rates, rising inventory levels and lower sentiment dampened conditions. CoreLogic’s Home Value Index showed Sydney and Melbourne dwelling values continued to record the most significant month-on-month falls, while Canberra recorded its first monthly decline since July 2019.

Housing values are still rising at the national level, however, with a rise of just 0.6% over the month, April’s growth rate was the lowest reading since October 2020.