CoreLogic’s daily dwelling values index shows that Australian home values at the 5-city aggregate level rose by 0.6% in April, the same rate of growth as in March:
As shown above, there was significant divergence between the five major capital city markets, with Perth values surging by 2.0% over the month, whereas Melbourne values declined by 0.1% over the month.
In fact, each of the smaller major capitals recorded strong value growth, whereas the two largest capitals recorded moderate growth or declines.
The same pattern emerged during the April quarter, with Perth values surging by 6.0% and Adelaide and Brisbane following suit with robust growth of 3.6% and 3.2%. By comparison, Sydney values rose by only 1.1% over the quarter and Melbourne values were flat:
So far this year, home values have risen by 2.1% at the 5-city aggregate level, with Perth (7.6%), Adelaide (4.6%) and Brisbane (4.1%) leading the way and Sydney (1.3%) and Melbourne (-0.3%) lagging:
Since bottoming-out on 29 January 2023, home values across the five major capital city markets have risen by 12.5%:
As you can see, growth has been recorded across all major markets, with Perth (24.0%), Brisbane (17.6%), and Adelaide (14.1%) leading and Sydney (13.0%) and Melbourne (4.0%) lagging.
Finally, the following chart plots the 28-day rate of growth across the five capital city markets:
A clear divergence has opened up between Perth, Adelaide, and Brisbane, compared with Sydney and Melbourne.
