National upswing in home values is all but over with values rising just 0.1% in November
CoreLogic’s national Home Value Index (HVI) rose by just 0.1% in the last month of spring, the weakest Australia-wide result since January 2023
This marks the 22nd straight month of growth, but it could be close to the last in this cycle.
“The downturn is gathering momentum in Melbourne and Sydney,” said Tim Lawless, CoreLogic’s research director. “While the mid-sized capitals, which have dominated the growth cycle of late, are also losing steam.”
Melbourne, where housing values have fallen over ten of the past twelve months, recorded a -0.4% fall over the month, taking values -2.3% lower over the past year.
For Sydney, August likely marked the peak of the cycle, with values flattening in September and falling -0.2% in October and November.
Source RPDATA