01/08/2024
August 2024
CoreLogic’s August Home Value Index (HVI) has just been released with all the latest must-know property market metrics.
In short, while the headline growth rate remains positive, three capitals recorded a decline in values over the past three months with Melbourne falling -0.9%.
Further insights include:
• National home values rose 0.5% in July, the 18th consecutive monthly increase nationally – a figure on par with the 0.5% increase recorded in June. Following a -7.5% decline recorded between May 22 and Jan 23, the national HVI has gained 13.5% and values have consistently pushed to new record highs since November last year.
• However, while the headline growth rate remains positive, it is clear momentum is leaving the cycle and conditions are becoming more diverse.
• Three capitals recorded a decline in values over the past three months. Melbourne led the decline with a -0.9% fall, alongside a -0.8% and -0.3% reduction in Hobart and Darwin values respectively. The rolling quarterly pace of growth has slowed markedly in Sydney to 1.1%, a fraction of the 5.0% quarterly gain recorded at the same time last year. These dynamics are weighing on growth in national home values, which are up 1.7% in the past three months compared to the 3.2% increase seen this time last year.
• The outlook for the housing sector remains complicated. While constraints on new housing supply are likely to keep a floor under home prices and remain a feature of the market for some time yet, downside risks are growing.
