CoreLogic weekly Australian house price update

By Leith van Onselen

In the week ended 16 March 2017, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, jumped another 0.53%:

ScreenHunter_18017 Mar. 16 15.35

Values rose in all major capitals:

ScreenHunter_18014 Mar. 16 15.34

So far in March, dwelling prices have jumped by 1.53%, with all major markets rising in value:

ScreenHunter_18010 Mar. 16 15.33

So far in 2017, values have risen by 3.65% driven overwhelmingly by Sydney and Melbourne:

ScreenHunter_18011 Mar. 16 15.34

Over the past 12 months, home values have risen by 12.56%, with Sydney and Melbourne driving the growth and Perth in the red:

ScreenHunter_18012 Mar. 16 15.34

The next chart plots the daily movements on a 14-day moving average basis, in order to smooth volatility. Values continue to surge in Sydney followed by Melbourne. There’s not a lot of action elsewhere:

ScreenHunter_18016 Mar. 16 15.35

Values are now up 39.0% since the 2010 peak at the 5-city level, driven overwhelmingly by exceptionally strong gains in Sydney followed by Melbourne. Again, there has been little movement elsewhere (down in inflation-adjusted terms):

ScreenHunter_18013 Mar. 16 15.34

The major capital city home values have now gained 50.1% since bottoming nationally in May 2012 (see next chart).

ScreenHunter_18015 Mar. 16 15.34

Tighten APRA/RBA. What are you waiting for?

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