CoreLogic weekly house price update: Bubbling

In the week ended 5 December 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, surged another 0.41%:

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-November), which shows strong rebounds across Sydney and Melbourne, which have driven an increase at the 5-city level:

Finally, dwelling values have fallen by 5.3% since their most recent peak, led by Sydney (-7.7%), Melbourne (-3.40%) and Perth (-21.3%):

The strong rebound continues.

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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