CoreLogic weekly Australian house price update: rocket man

In the week ended 12 September 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, surged another 0.35%:

The rise in values was again driven by Sydney and Melbourne, where values rocketed:

Quarterly dwelling values are now rising solidly, again driven by Sydney and Melbourne:

However, annual losses are still running at 5.5%, driven by Sydney, Melbourne and Perth:

The next chart plots month-end price growth across the major capitals (to end-August), which shows rebounds across Sydney and Melbourne, which have driven an increase at the 5-city level:

Finally, dwelling values have fallen by 9.4% since their most recent peak, led by Sydney (-12.8%), Melbourne (-8.9%) and Perth (-20.9%):

However, the rebound is clearly on like Donkey Kong, as reflected in auction clearance rates (albeit on soft volumes):

Leith van Onselen

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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