CoreLogic’s daily home value index shows a slowdown in national property price growth, with values rising just 0.5 per cent over the past four weeks.
Here’s your one-minute wrap on CoreLogic’s latest housing market update.
The headline figure:
National home values rose 0.5 per cent over four weeks, down from 0.7 per cent growth in the previous month.
The fast five:
- Sydney dwelling values cooled to 0.3 per cent growth, down from 0.7 per cent a month ago.
- Melbourne and Hobart are the only capitals recording value declines of 0.2 per cent and 0.5 per cent respectively.
- Perth leads growth among mid-sized capitals at 1.8 per cent, followed by Adelaide (1.7 per cent) and Brisbane (1 per cent).
- House values show more sensitivity to the slowdown than units, with growth falling from 0.7 per cent to 0.4 per cent.
- Advertised property stock levels are up 5-10 per cent above the five-year average since April.
What else you need to know:
The slowdown is more pronounced in expensive markets, with high-end properties and houses in Sydney showing the most notable easing in growth.
CoreLogic Economist, Kaytlin Ezzy, says:
“While sales and listing activity typically show a seasonal easing through winter, the trend in housing values hasn’t historically displayed seasonal behaviour.
“Instead, the recent easing in growth has likely been linked to persistently low consumer sentiment amid stubbornly high inflation and a rise in advertised stock levels in some markets.”
Dive deeper:
For the full CoreLogic housing market update, click here.
