CoreLogic weekly house price update: Slowing

In the week ended 26 March 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, rose another 0.13%:

The rise in values was broad-based, with every major capital increasing in value:

So far in March, dwelling values have risen by 0.72%, with all major capitals rising:

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

The epic rebound across Sydney and Melbourne has driven strong annual gains nationally, although Perth is still in the red:

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

Finally, dwelling values are down by 1.6% since their most recent peak, driven by Sydney (-2.8%) and Perth (-20.8%):

Still rising, but at a slower pace. Soon comes the bust.

Leith van Onselen

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