Australian house prices strengthen in February


CoreLogic has released its daily dwelling value results for February, which track movements across the five major capital city markets.

According to CoreLogic, dwelling values rose by 0.6% at the 5-city aggregate level in February, with growth recorded across every major capital:

CoreLogic February movements

As you can see, growth was driven by Perth (1.8%), Adelaide (1.1%), and Brisbane (1.0%), whereas Sydney (0.5%) and Melbourne (0.1%) recorded slower growth in February.


Over the quarter, dwelling values rose by 1.4% at the 5-city aggregate level, again driven by Perth (5.0%), Adelaide (3.6%), and Brisbane (2.9%).

By comparison, values rose by only 0.7% across Sydney over the quarter, and fell by 0.5% across Melbourne:

CoreLogic February quarter movements

The next chart plots 28-day value growth across the five major markets. You can see the clear strengthening in growth rates in February:

CoreLogic 28-day change

This is also reflected in auction clearance rates, which have rebounded in 2024:

Auction clearance rates

Finally, dwelling values have rebounded by 11.1% from their January 29, 2023, low at the 5-city aggregate level:

CoreLogic house price rebound

All major markets other than Melbourne have recorded double-digit rebounds, with Perth and Brisbane leading the way.

NOM by state

The record surge in net overseas migration continues to drive values higher, despite the strong lift in mortgage rates.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.