Australian property values surge another 1.8% in April

CoreLogic’s dwelling value results for April have been released, which revealed that values across the five major capital cities surged another 1.8%, which follow’s March’s 2.8% rise:

CoreLogic monthly

Monthly dwelling values have boomed for three consecutive months.

The rise in values was once again broad-based with all major markets experiencing strong rises. Sydney’s gain was once again the strongest, surging by 2.4%:

CoreLogic monthly movements by capital

Sydney continues to lead price growth, but all major capitals recorded strong rises in April.

Quarterly value growth continues to rise, running at 6.9% at the 5-city level in April. Sydney’s quarterly rise (8.8%) is astonishing; although all major markets are recording strong growth:

CoreLogic Quarterly growth

Quarterly dwelling values continue to grow at a strong pace across all major capital city markets.

The next chart shows the quarterly growth across the major capitals as a time series. As you can see, value growth is running at historically high levels:

CoreLogic quarterly growth time series

Quarterly price growth is running at historical highs.

Finally, annual dwelling value growth continues to rebound from the COVID-19 pandemic, recording solid-to-strong growth everywhere other than Melbourne:

CoreLogic annual time series

Annual dwelling value growth continues to rebound from the pandemic.

In short, the Australian property market continues to boom in a universal fashion.

Calendar year value growth in excess of 15% across the five major capitals is looking likely, with Sydney looking at growth of up to 25%.

Unconventional Economist

Comments

  1. A month or so ago the Sydney Corelogic index was going up at 0.2 points per day, representing an annualised rate of around 40% pa. It’s now down to about 0.16 points per day…still incredibly strong growth.

    Utter insanity, when you consider that’s it’s the price of a fundamental human need like shelter from the elements.

    We’re going to end up with homeless tent cities proliferating, where the residents have fulltime jobs. Who knows what will follow on from that, when people start to get upset at the differences between the haves and have-nots.

  2. A few years back, Kevin Rudd tried to take on the big Australian Corporates ( Miners ) but they funded such an enormous campaign that he was thrown out of office.

    Come to today, and Australian Citizens are being walked over by the very same Corporates who feel they can throw there weight around. One has to question whether Australias Corporates have more power then Australias Government at this moment in time.

    I often wonder if Australias becoming Japan… or Nigeria ( Corporates with Mercenarys telling Australias Government what to do ).

    In Nigeria, they cant even organise Garbage Collection because the Corporates refuse to pay any Tax. Whenever the Government tries to setup a meeting, they are confronted by hired Mercenaries with Guns as the Government begins to realise, they are no longer in charge of there own Country. While the Corporates get to pillage the land for all its resources without paying any taxes, the citizens are left to rot and the Governments powerless to take them on.

    While Im not a huge fan of Kevin Rudd personally, I think the fact he got shut down by the Miners a few years back speaks volumes. It tells us that Australias no longer in control.

  3. Goldstandard1MEMBER

    People will look back on the period of Covid 19 lock downs and the huge declines and say…… what were people thinking??? Leveraging into the debt abyss out of last year and 2021 will seem insane.

  4. Ailart SuaMEMBER

    It would be far more equitable if the federal government abandoned their ‘twin Ponzie’s’ (property/immigration) and simply printed money and distributed the average equivalent annual property gain over the past 30 years, to all Australian tax payers. The annual distribution could be paid into their super accounts. The affordability issue of owning a home has reached levels of insanity.

    Of course we’d need to prick the property bubble first to bring us back to normality – eg the average house price to be equivalent to 2 or 3 times average annual income. We’re already well into MMT, so what’s the problem other than having lunk-heads dealing with possible inflationary issues?

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