Prices On The Up
Australian property prices rose once again during March, chalking 14 straight months of growth.
CoreLogic's national Home Value Index was up by 0.6% in March, a similar increase to February. In dollar terms that represents about a $72,000 increase in values.
Darwin was the only capital city to record a decline in value during March (-0.2%).
CoreLogic research director, Tim Lawless, says the more affordable capital cities performed the best during the month with Perth up by 1.9%, Adelaide, 1.4% and Brisbane, 1.1%.
The ACT was up by 0.4%, Sydney, 0.3% and Hobart, 0.2%. Values did not change in Melbourne during March.
The report says although housing values are now rising faster than at the end of last year, rate hikes, cost of living pressures and worsening housing affordability are all contributing to softer housing conditions since mid-2023.
“However, an undersupply of housing relative to demand continues to keep upward pressure on home values despite these headwinds,” Lawless says.
