According to CoreLogic’s daily dwelling values index, home values across the five major capital city markets grew by 0.5% in August:
As shown above, monthly growth was driven by the smaller markets of Perth (1.9%), Adelaide (1.3%), and Brisbane (0.9%), whereas Sydney recorded softer growth (0.3%) and Melbourne values declined (-0.2%).
It was a similar story over the August quarter, with values rising by 1.6% at the 5-city aggregate level, driven by the same markets, and Melbourne declining:
Over the first eight months of 2024, dwelling values have risen by 4.9% at the 5-city aggregate level:
As shown above, there is wild variation between the capitals. On the one hand, Melbourne dwelling values have fallen by 1.1% in 2024, whereas on the other, Perth has recorded explosive value growth of 16.5%.
The following chart plots the rebound since dwelling values at the 5-city aggregate level bottomed on 29 January 2023:
Across the combined major capitals, values have risen by 16.2%. Again, Perth (35.1%) has led the rebound, whereas Melbourne values (3.6%) have remained fairly stagnant.
Finally, the following chart plots the 28-day change across the major capitals as a time series:
As you can see, there is wide variation. Perth value growth remains hot, whereas Melbourne values continue to fall.
Overall value growth at the 5-city aggregate level remains fairly steady, however, tracking around the 0.5% growth range.
