Housing Market Update November 2023

Housing values increased another 0.9% in the month of October marking a 9th consecutive monthly increase since the trough of the market in January this year.

It must be noted however that although home values have shown a consistent increase across most of Australia’s capital cities, the growth has shown signs of slowing down over the last 3 months to October. It can be inferred that this may be related to the increased stock, coupled with issues relating to affordability. Coupled with high interest rates and overall low sentiment, these factors can be seen as contributors to this slowdown.

Across the capital cities, home values rose with Perth, Adelaide and Brisbane showing the most growth. On the other end of the spectrum, Darwin has recorded a negative growth.

Sydney, Perth and Brisbane have indicated positive growth over the last 10 months of 10.9%, 10.8% and 10.2% respectfully.

Housing values are near reaching recovery since their 2022 highs with Sydney at -2.2% and Melbourne at -3.7%. Brisbane on the other hand have now reached a new record high. Hobart has recorded -11.6% below its peak level.

Broadly speaking, regional values have increased 0.7% over the month of October, which falls a little behind the values among the combined capitals. Each of the states barring Tasmania have recorded growth. Stronger conditions in Regional Western Australia, South Australia and Queensland have recorded highs in October.

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