CoreLogic has released its daily dwelling values index to 30 November, which shows that values rose by 0.6% at the 5-city aggregate level, driven by strong growth across Brisbane (1.2%), Adelaide (1.2%) and Perth (1.9%):
By contrast, values actually fell across Melbourne (-0.1%), whereas Sydney values rose by only 0.3%.
The next chart, which plots the change in values on a rolling 28-day basis, shows the sharp deceleration in Melbourne and Sydney dwelling values after the RBA hiked the official cash rate on Melbourne Cup Day:
However, Cameron Kusher from PropTrack warns not to read too much into it, since value growth typically slows at this time of the year:
Indeed, for sale listings have surged across Sydney and Melbourne:
Source: CoreLogic
Regardless, dwelling values increased by 2.4% at the 5-city aggregate level over the November quarter, led by Brisbane, Adelaide and Perth:
The rebound in values since January’s trough is still spectacular, with values up 9.8% at the 5-city aggregate level, with all major markets other than Melbourne recording strong bounces:
However, national house prices are now slowing amid higher mortgage rates, falling affordability, and rising stock levels, especially across Sydney and Melbourne.
