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Summary
- CoreLogic’s national Home Value Index is up 2.2%.
- The surge in prices was led by capital cities.
- Hobart index rose the fastest.
The housing prices in Australia continue to rise after the pandemic as CoreLogic’s national Home Value Index edged up 2.2% sequentially in the month of May.
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The growth was led by the capital cities, as they outpaced the regional markets. The capital city index at a combined level grew by 2.3% during the month compared with a 2.0% rise across the combined regional areas.
The 2.2% rise is 40 basis points higher than the growth clocked in April. In April 2021, national home price index had risen by 1.8% after the 32-year high growth recorded in March.
“Values were up by more than 1% across every capital city over the month, with both house and unit values lifting across the board. Of the 334 SA3 sub-regions analysed by CoreLogic, 97% have recorded a lift in housing values over the past three months. Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” CoreLogic’s research director, Tim Lawless, said.
The monthly change in dwelling values in May ranged from a 1.1% rise in Perth to a 3.2% jump in Hobart. Across the non-capital city regions, regional NSW led monthly gains (2.5%), while values in regional Western Australia saw house prices correcting by 10 bps.
