Last hurrah as property values rise 0.7% in March

CoreLogic’s dwelling price results have for March were released over the weekend, which revealed another 0.7% increase in values over the month at the 5-city level, driven by strong growth in Sydney (1.1%):

It was the ninth consecutive monthly acceleration in home values at the 5-city level:

Over the March quarter, dwelling values rose by 2.9% across the major capitals:

Values grew strongly across Sydney and Melbourne, up 3.9% and 2.9% respectively over the quarter:

The next chart plots quarterly price growth by major capital, which shows weakening growth, especially across Sydney and Melbourne:

In the year to March 2020, home values have risen by 9.1% at the 5-city level, driven by Sydney (+13.0%) and Melbourne (+12.0%), whereas Perth is still in the red (-3.1%):

The next chart, which tracks trend annual price growth, also shows a strong rebound led by Sydney and Melbourne:

In summary, house prices were still rising, led by Sydney and Melbourne, although the pace of growth is moderating.

This is as good as it gets of course, with the coronavirus economic meltdown about to stomp the market.

Leith van Onselen

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