Although nationally, home values have remained below the peak in April 2022, the housing market in July 2023 has marked a 5th consecutive month in rising values. Bucking the trend, Adelaide, Regional South Australia and Perth have recorded cyclical highs in terms of dwelling values. The values in Sydney have increased 0.9% over the month of July. This contrasts with 1.7% in June. Overall, Sydney home values are approximately -7.2% below the last recorded high in January 2022.
Broadly speaking, there has been an increase in the values of housing. However, this rate has slowed down since May. The number of fresh listings in Sydney has recorded 9.9% higher than July 2022 and also 18% above the previous 5 year average. As a result, this provides more options which may have had a part in reducing the pressure on potential buyers.
During July, both Adelaide and Brisbane experienced an accelerated growth in capital gains with values increasing 1.4% upon the previous month. On the other side of the spectrum, Canberra was the sole capital city to experience a decrease in values recording -0.1% over the month in July.
Looking at regional values across the states, dwelling values increased 0.2% which is a little behind the rises when comparing with the combined capital cities at 0.8%. Looking into the specific markets, the Gold Coast recorded the highest rise followed by South-east Tasmania and Newcastle and Lake Macquarie regions. However; Bendigo, Shepparton and Warrnambool recorded the sharpest decreases.
July marked an unusual trend being that the listings in the capital cities increased during a time where this would be reduced through the winter quarter. However, despite this trend, overall stock levels remain low with -18.3% below July 2022 and -23.3% under the last 5 year average.