Property Prices Break Record
Australian property prices hit a national record high in November. CoreLogic’s Home Value Index (HVI) rose by 0.6%, the smallest monthly increase since February, but enough to break the record.
Since the trough of the market in January 2023, housing values have increased 8.3%. While nationally figures are up, three capital cities actually experienced a drop in values over the month.
Darwin was down 0.3%, while Melbourne and Hobart both fell by 0.1%.
CoreLogic research director Tim Lawless says an imbalance between supply and demand is keeping strong upward pressure on housing values in most markets.
Although rising advertised stock levels, deteriorating affordability, and low consumer sentiment had dragged down value in the three declining capital cities.
Dwelling values increased the most in the smaller capital cities during November, with Perth (1.9%) leading the charge, followed by Brisbane (1.3%), Adelaide (1.2%), Canberra (0.5%), and Sydney (0.3%).
Lawless says, “despite the high cost of debt and deeply pessimistic consumer sentiment, purchasing activity has held reasonably firm.”
