CoreLogic’s Home Value Index (HVI) measures housing growth across Australia’s major cities, providing an insight into the different stages of the property cycle.
Over the 28 days ending May 8th, the rolling 28-day change in the combined capitals’ Home Value Index rose by 0.6%. This marks a slight increase from the 0.5% growth observed throughout much of April. City-by-city, Perth showed the most growth over the 28-day period at 2.0%, followed by Adelaide (1.3%) and Brisbane (0.9%). Sydney and Darwin also experienced modest growth at 0.4% and 0.6%, respectively.
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Sydney
In April, Sydney’s dwelling values increased by 0.4%. Over the past year, values rose by 8.7%. Currently, they are just 0.8% below their record high set in January 2022. The consistent rise in Sydney property prices highlights why Sydney is still a major draw for both local and international investors.
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Melbourne
In April, Melbourne bucked the positive trend observed across the other major cities and recorded a slight drop in dwelling values at -0.1%. Currently sitting at $941,698, the median Melbourne house price has remained close to the record highs observed in February 2022. Despite the slight dip, Melbourne continues to attract strong interest from investors and is expected to bounce back in the upcoming quarters.
Brisbane
Brisbane’s property market continues its impressive performance, recording a 0.9% increase in dwelling values over the past month. This brings the year-to-date growth to 16.1%, the second highest among the capitals. Drawn to the city’s favourable weather, not to mention its economic and population growth, Brisbane is proving to be an attractive option for both investors and homebuyers.
Adelaide
Adelaide is also experiencing a steady rise in property values, with a 1.3% increase over the past month and a 14% growth over the past year. With its affordable housing prices and strong rental yields, Adelaide presents an appealing opportunity for property investors.
Perth
The highest growth among the capital cities over the past year was recorded by Perth, with dwelling values increasing by 21.1%. This is a significant turnaround for Perth’s property market, which had been struggling in recent years due to the resource’s downturn. With improving economic conditions and strong population growth, Perth’s property market is expected to continue its upward trend.
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