CoreLogic weekly Australian house price update: To the moon

In the week ended 17 October 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, surged another 0.39%:

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

Quarterly dwelling values continue to rise strongly, again driven by Sydney and Melbourne, where prices are rocketing:

The rebound across Sydney and Melbourne has shrunk annual losses, although Perth remains in the toilet:

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

Finally, dwelling values have fallen by 8.6% since their most recent peak, led by Sydney (-11.0%), Melbourne (-7.0%) and Perth (-21.5%):

Thus, the rebound continues, as reflected in surging auction clearance rates across Sydney and Melbourne (albeit on soft volumes):

Unconventional Economist

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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