Core Logic Home Value Index | December 2024
CoreLogic’s December Home Value Index (HVI) has just been released with all the latest must-know property market metrics, including:
- Australian home values rose 0.1% in the last month of spring, the weakest national result since January 2023.
- The downturn is gathering momentum in major capitals, with Sydney (-0.2%) marking its second monthly decline while Melbourne (-0.4%) sees another fall, taking values -2.3% lower over the past twelve months.
- The mid-sized capitals Perth (1.1%), Adelaide (0.8%) and Brisbane (0.6%), which have dominated the growth cycle of late are also losing steam.
- Regional housing trends have been a little stronger, with the combined regional index rising 1.1% compared with a 0.3% lift across the combined capitals over the past three months.
- Weaker housing conditions align with increased levels of advertised supply as vendor activity rose in spring. Capital city listings climbed 16% since winter’s end, led by Perth (+33%) and Adelaide (+25%).
- Purchasing activity looks to be winding down, with CoreLogic’s estimate of capital city home sales over the past three months -4.6% lower than a year ago.
- National rental growth has cooled to 0.2% in November. The slowing appreciation is seen across most markets due to a combination of lower population growth, less overseas migration, and a gradual recovery in the average household size.
Gross rental yields have also firmed, holding in the high 3.6% range since August