1 September 2023
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 HVI 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 (-0.1%) 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%.
CoreLogic Research Director, Tim Lawless, noted the trend in
housing values, although generally positive, is diverse.
“Sydney has led the recovery trend to-date with a gain of 8.8% since
values found a floor in January this year. 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.”
Within the capital cities, it is generally house values rather than
unit values that have showed a sharper recovery trend. At the
combined capital cities level, house values are up 6.3% since
bottoming out in February, compared with a 4.9% rise in unit
values. The more significant rise in house values comes after a
larger drop through the preceding downturn, where house values
were down -10.7% compared with a -6.5% drop in unit values.
Read the full Home Value Index for the latest market metrics on:
