CoreLogic weekly house price update: A little less boom

Australian dwelling values grew less strongly in the week ended 8 April, only registering a 0.34% rise across the five major markets:

CoreLogic weekly

Dwelling values registered their weakest growth in nine weeks.

It was the softest weekly price increase in nine weeks, which illustrates just how strong the nation’s property market has been.

Sydney continued to lead the nation’s dwelling value growth, recording a rise of 0.47%. This was followed by Brisbane (0.34%), Adelaide (0.25%), Melbourne (0.23%) and Perth (0.19%):

CoreLogic weekly

Sydney continues to lead the nation’s dwelling value growth.

Quarterly growth remains red hot, again led by Sydney (7.25%), followed by Brisbane (5.55%), Melbourne (5.20%), Perth (5.02%) and Adelaide (3.33%):

CoreLogic quarterly

The quarterly rate of value growth remains extreme.

If this rate of growth continued for the remainder of the year, then Sydney would record growth of 30% in 2021, with Brisbane, Melbourne and Perth each recording rises of more than 20%.

Finally, annual property price growth continues to accelerate with all major markets other than Melbourne recording solid rises:

CoreLogic annual growth

Annual growth is firming across every major market.

The post COVID property price boom rolls on with 2021 shaping up to be the strongest year in decades.

Unconventional Economist

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