CoreLogic’s daily dwelling values index results are out for May, with values rising by 0.9% over the month at the 5-city aggregate level:
It was the strongest monthly value growth recorded this year.
As shown above, Perth (2.1%), Brisbane (1.6%), and Adelaide (1.5%) continue to drive growth, with Sydney (0.7%) and Melbourne (0.3%) recording softer rises.
The smaller capital city markets also drove the 2.1% increase in values over the May quarter at the 5-city aggregate level:
The divergence between those capital city markets is illustrated clearly in the next chart plotting value growth on a rolling 28-day basis:
So far in 2024, home values have risen by 3.1% on a 5-city aggregate basis.
The divergence between Perth and Melbourne is stark, with Perth values rocketing by 9.9% since the start of the year, while Melbourne values have remained dead flat:
Since values bottomed on 29 January 2023 at the 5-city aggregate level, Perth values have shot up by 26.6%, almost double the 13.6% rise recorded across the major capital city markets.
By contrast, Melbourne home values have risen by a sedate 4.3% from the trough, which is roughly one-third the increase recorded at the 5-city aggregate level.
Melbourne has become Australia’s house price donkey.
That’s good news for first home buyers, however. It means that Melbourne housing has become relatively less unaffordable to purchase.
