CoreLogic weekly house price update: Slowing

In the week ended 6 May, the CoreLogic daily dwelling values index rose another 0.38%, with growth clearly moderating from the break-neck pace of March and early April.

CoreLogic Weekly Movements

Weekly price growth is trending lower.

Sydney (0.52%) continues to lead price growth, with the other major capital cities also growing by between 0.23% (Perth) and 0.29% (Brisbane) over the week:

CoreLogic weekly movement

Sydney continues to lead price growth.

Quarterly price growth remains turbo-charged at 6.93% across the five major capitals. Sydney (8.99%) continues to lead the way, followed by Brisbane (6.11%), Melbourne (5.87%), Adelaide (4.43%) and Perth (4.07%):

CoreLogic quarterly price change

Sydney dwelling values are rising at an insane pace.

Over the past 12 months, dwelling values across the five major markets have risen by 7.8%, with Sydney’s rising by almost 10%. All major capital city markets are looking at double-digit growth in 2021 with Sydney a chance of topping 20%.

CoreLogic year-to-date movement

Sydney’s dwelling values have almost risen 10% in 2021.

Finally, annual dwelling value growth has accelerated to 6.4% across the five major markets, with all but Melbourne recording solid to strong growth:

CoreLogic annual price growth.

Annual price growth continues to accelerate.

In summary, the Australian property boom rolls on. But at least it is beginning to slow.

Unconventional Economist

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