CoreLogic: Aussie property values surge 2.3% in May

CoreLogic has released its daily dwelling values index for 31 May, which shows that property values across the five major Australian capital city markets surged another 2.3% over the month:

CoreLogic monthly dwelling value changes

May recorded another strong lift in combined capital city dwelling values.

The rise in values was broad-based with all major capital city markets recording strong increases. However, Sydney again led the way followed by Brisbane:

CoreLogic May 2021 dwelling value changes

All major capital city markets recorded strong growth in May.

Over the May quarter, dwelling values rose by a whopping 7.1% across the five major capital cities – the strongest quarterly growth since the late 1980s:

CoreLogic quarterly growth

The strongest quarterly price growth in more than 30 years.

Sydney continues to lead quarterly value growth, rising by an insane 9.3%. However, value growth is universally strong:

CoreLogic May quarter growth

Universally strong quarterly dwelling value growth.

The next chart shows the quarterly time series across the five major capitals:

CoreLogic quarterly time series

Now that’s a boom!

Annual dwelling value growth is also rising fast across all major capital city markets as they sweep aside the COVID funk:

CoreLogic annual dwelling value growth

Annual price growth is rising fast.

After taking a slight breather last month, the property boom reasserted itself with a vengeance in May.

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