What is the Housing Market Doing in Australia? Housing Market Update October 2023

September showed a recorded growth of 0.8% throughout the month which indicates a trend running 8 months to date. The overall quarterly growth was recorded as 2.2% for property values. This has receded from the previous quarter in June which recorded an increase of 3.0%.

Adelaide recorded the highest growth in the September quarter which was followed by Brisbane at 4.3% and 3.9% respectively, Brisbane came in third recording a 3.6% growth. The values in Hobart fell -0.2% on the other side of the scale.

A possible indicator for the growth in the top 3 cities is the fact the available supply of homes were approximately 40% under the average recorded in prior 5-year average.

Nationally, housing values have increased 6.6% from the low in January. However, overall values are still 1.3% below the heights of the previous year las recorded in April 2022. Dwelling values have increased to recorded highs in Adelaide and Perth, followed by Brisbane coming in October. On the other hand, Canberra and Hobart remain -7.0% and 12.4% below their previous heights.

Source: CoreLogic

Performance of housing values in the upper and lower quartiles recorded as 2.3% and 3.2%- showing an increase in performance of homes in the lower quartile. This can be partly attributed to the faster growth in both Perth and Adelaide. Within the capitals of Melbourne and Sydney, the broader middle market recorded the highest growth.

The regional markets have recorded a weaker growth when compared with the combined capital cities over the quarter to September. Regional values increased 1.1%, where the combined capital cities increased 2.5%. Overall, the regional markets have softened in terms of demand with sales recorded 6.5% lower than the previous year.

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