CoreLogic’s daily dwelling values index, which measures value changes across the five major capital city markets, recorded another strong result in October.
Dwelling values at the 5-city aggregate level rose by 0.9% over the month, with all five major capital city markets recording growth:
The 5-city aggregate result was identical to September (both 0.93%); although the composition of growth has shifted toward the smaller main capital cities – i.e. Brisbane (1.4%), Adelaide (1.3%) and Perth (1.6%).
Over the October quarter, dwelling values rose by 2.7% at the 5-city aggregate level, which was a slight acceleration on the 2.6% quarterly growth recorded in September:
Again, the smaller main capitals drove this growth, with Brisbane (3.8%), Adelaide (4.4%) and Perth (4.3%) each recording strong price appreciation.
Finally, dwelling values have risen by 9.2% at the 5-city aggregate level since CoreLogic’s daily dwelling values index bottomed on 29 January this year:
Sydney (11.5%) is still leading the rebound, however, Brisbane (10.4%) and Perth (10.0%) are catching up fast and will likely catch Sydney by the end of the year.
The Reserve Bank of Australia (RBA) recently raised alarm at the strength of Australia’s house price rebound and flagged that it may need to hike rates further in response.
These results certainly won’t calm the RBA’s nerves.
