August 1st 2024.
According to new data from property firm CoreLogic, the housing market in Australia is showing signs of cooling down. While the national home values saw a slight 0.5% increase last month, it is the 18th consecutive monthly rise. However, three capital cities have recorded a decline in home prices over the past three months.
The city of Melbourne saw the biggest dip with a -0.9% decrease, closely followed by Hobart and Darwin. This downward trend is also being felt in other capital cities, with Sydney's price growth falling from 5% to 1.1% compared to the same time last year.
On a national level, home values have only increased by 1.7% in the past quarter, a significant drop from the 3.2% increase seen this time last year. However, mid-sized cities like Perth and Adelaide are still experiencing a growth in home values, with a quarterly pace of 6.2% and 5% respectively.
According to CoreLogic, the decline in the blue-chip markets like Sydney can be attributed to supply factors and the decreasing borrowing capacity. The number of homes for sale in Brisbane, Adelaide, and Perth is significantly lower than average for this time of the year, while cities like Melbourne and Hobart are seeing an increase in advertised supply.
CoreLogic's research director, Tim Lawless, explains that the fragmented national picture can be explained by these supply factors and the declining borrowing capacity in certain markets. This data is part of CoreLogic's Hedonic Home Value Index as of August 1, 2024.
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