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](https://api.macrobusiness.com.au/wp-content/uploads/2024/02/CoreLogic-February-movements.png)
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](https://api.macrobusiness.com.au/wp-content/uploads/2024/02/CoreLogic-February-quarter.png)
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](https://api.macrobusiness.com.au/wp-content/uploads/2024/02/CoreLogic-28-day-change.png)
This is also reflected in auction clearance rates, which have rebounded in 2024:
![Auction clearance rates](https://api.macrobusiness.com.au/wp-content/uploads/2024/02/CoreLogic-auction-clearances.png)
Finally, dwelling values have rebounded by 11.1% from their January 29, 2023, low at the 5-city aggregate level:
![CoreLogic house price rebound](https://api.macrobusiness.com.au/wp-content/uploads/2024/02/CoreLogic-rebound-from-trough.png)
All major markets other than Melbourne have recorded double-digit rebounds, with Perth and Brisbane leading the way.
![NOM by state](https://api.macrobusiness.com.au/wp-content/uploads/2024/01/NOM-by-state.png)
The record surge in net overseas migration continues to drive values higher, despite the strong lift in mortgage rates.