CoreLogic weekly house price update: Skyrocket

In the week ended 28 November 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, surged another 0.43%:

The rise in values was broad-based, but again driven by Sydney and Melbourne:

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

The rebound across Sydney and Melbourne has driven annual gains nationally, although Perth continues to crash:

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

Finally, dwelling values have fallen by 5.7% since their most recent peak, led by Sydney (-8.2%), Melbourne (-4.0%) and Perth (-21.4%):

Thus, the bounce continues, as reflected in strong auction clearance rates across Sydney and Melbourne (albeit now fading):

Leith van Onselen

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