Over the course of November, home values increased by 0.6% which indicated the lowest increase since February where the growth cycle increased. In light of this, since this growth cycle, the values have moved to an 8.3% increase. Across the capital cities, the results have been variable with Darwin, Hobart and Melbourne recording a negative growth in home values, Sydney showing a slight growth of 0.3%. The overall growth has been boosted by values in Perth increasing 1.9%, followed by Brisbane at 1.3% and Adelaide at 1.2%.
In certain markets, the rise in interest rates, affordability issues, low consumer sentiment and an increase in advertised stock levels have put downward pressure on prices.
When it comes to the upper quartile markets in both Melbourne and Sydney, these have shown a more stagnant rate of growth over the month and the quarter to date. Counter to this, the broader middle markets have recorded the strongest growth in both of these cities. This may be as a result of a trickle down as a result of the reduction of borrowing capacity increasing the demand towards this part of the market.
The combined regional markets have recorded the same growth in values as the combined capitals at an increase of 0.6% over the month with an overall 4.3% increase since the rise in prices since February.