CoreLogic’s daily dwelling values index shows that home values powered ahead in June, led by the smaller capitals.
As illustrated in the chart above, dwelling values across the five major capital city markets rose by 0.7% in June, driven by strong growth across Perth (2.0%), Adelaide (1.7%), and Brisbane (1.2%).
Sydney recorded more modest growth (0.5%), whereas Melbourne home values (-0.2%) actually fell.
It is a similar story when looking at quarterly values, with growth again being driven by the same smaller capitals, followed by Sydney, and Melbourne values declining:
Over the first half of 2024, home values have risen by 3.7% across the five major capital city markets:
Perth values have soared by an extraordinary 11.9%, followed by Brisbane (7.5%), and Adelaide (7.4%).
By contrast, Sydney home values have risen by only 2.5%, whereas Melbourne values have fallen by 0.5%.
The divergence in growth between the smaller capitals and the two majors is illustrated clearly in the following chart plotting the rolling 28-day change in CoreLogic’s daily dwelling values index:
Finally, despite 4.25% of interest rate hikes from the Reserve Bank of Australia, home values at the 5-city aggregate level have surged by 14.6% from their 29 January 2023 low:
While all major markets have recorded growth, the smaller capitals of Perth (29.3%), Brisbane (21.5%), and Adelaide (17.4%) have led the way, whereas Melbourne (4.1%) has lagged well behind.
