RESIDENTIAL PROPERTY
2023 saw Australian home values soar by 8.1%, in a year of diverse conditions that broadly stabilised over its final months.
CoreLogic’s s national Home Value Index (HVI) was up 8.1% over the year, up from 2022’s downturn with a 4.9% decline, while not living up to the pent-up results of...
“Along with persistent cost of living pressures, worsening affordability challenges, rising advertised stock levels and low consumer sentiment, have progressively taken some...
Over the year, annual change in housing values was mixed, with Perth seeing the greatest boost at 15.2%, while regional Victoria reported a fall of 1.6%...
Across Perth, Adelaide and Brisbane dwelling values have been rising by over 1% each month on average since May...
“Such diversity across the capital cities can be broadly attributed to factors relating to demand and supply,” added Lawless...
“In Perth, Adelaide and Brisbane, housing affordability challenges haven’t been as pressing relative to the larger cities, and advertised supply levels have remained persistently and...
2023 saw capital cities recording stronger growth than regional areas, with the combined capital cities index up 9.3% and the combined regional index up 4.4%...
“Stronger conditions across capital city markets is a reversal of the early COVID trend which saw regional markets experience higher demand amid strong internal migration,”...
“Regional migration trends have mostly normalised through 2023, and the significant capital gains recorded through 2020 to 2022 has meant many regional markets have...
Five of the eight capital cities are recording home values below their record highs, with Sydney down 2.1% from its peak, Melbourne down 4.1%, ACT down 6.3%,...
In the rental market, there was national growth of 8,3% over the year, down from the 9.5% rise in 2022 and the 9.6% rise in 2021...
“The more pronounced slowdown in unit rental growth could reflect slower net overseas migration through the second half of the year, especially student arrivals which are...
“It could also be a possible sign that more unit renters are reaching their affordability ceiling as rents exceed how much they are willing or able to pay.”...
Perth unit rents were up 16.5% with house rents up 12.9%, while rents fell across Hobart and Canberra. With rental growth across the combined regional areas...
“However, we could well see a further slowdown in rental growth as affordability pressures drive structural changes in rental demand. This could include a lift in...