CoreLogic weekly house price update: Frothing

In the week ended 19 December 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, surged another 0.38%:

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

So far in December, dwelling values have risen by 0.92%, 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 4.7% since their most recent peak, led by Sydney (-6.8%), Melbourne (-2.7%) and Perth (-21.3%):

The rebound rolls on.

Leith van Onselen

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