Property values across Australia continue to climb as more buyers enter the market in anticipation of possible falls in interest rates later this year.
Average prices edged 0.6% higher in February, according to the Home Value Index gathered by the leading real estate research organisation, CoreLogic.
It was the most substantial monthly gain since last October and builds on the 0.4% increase in values registered in January.
In the first two months of 2024, the value of Australian property rose 1%.
The index comes as the Australian Bureau of Statistics also took stock of the residential housing market.
It found the mean price of residential dwellings rose by $13,400 to $933,800 in the last 12 weeks of 2023.
The total value of residential dwellings increased $196.8 billion to $10,397.1 billion. The number of residential dwellings increased by 52,500 to 11,134,600.
The mean price in NSW of $1,184,500 was the highest in the country. The ACT ($948,500) and Victoria ($895,000) were next. The Northern Territory ($489,200) was the lowest.
As an experienced agency in your area, we’ve captured the key points of the CoreLogic market commentary (see below).
In the meantime, if you’re considering selling your home soon, do not hesitate to contact us. As the data demonstrates, sellers can expect to achieve strong sales results as the market rebounds.
Here’s the summary of CoreLogic observations:
- Early signs of a boost to housing confidence are “emerging as inflation eases and expectations for a rate cut later this year firm up”.
- Auction clearance rates are improving, averaging in the high 60% range in February.
- Value rises reflect a persistent imbalance between supply and demand.
- Each capital city and rest-of-state region recorded a value lift in February, except Hobart (-0.3%).
- Perth (+1.8%) is recording a substantially higher rate of growth than Adelaide (+1.1%) and Brisbane (+0.9%).
- Melbourne ended a three-month slump of negative trends but recorded only a 0.1% rise in February.