Australian home prices rise 0.8% September 2023 Core Logic
By Casey Taylor | Buyers Agent
Property prices increase 8 consecutive months in a row!
Index values as at 30 September 2023 as per Core Logic:
Monthly change in dwelling values:
Sydney: 1.0%
Melbourne: 0.4%
Brisbane: 1.3%
Adelaide: 1.7%
Perth: 1.3%
Hobart: -0.6%
Darwin: 0.1%
Canberra:0.2%
Combined capitals: 0.9%
Combined regionals: 0.4%
National: 0.8%
Quarterly change in dwelling values:
Sydney: 2.5%
Melbourne: 1.3%
Brisbane: 3.9%
Adelaide: 4.3%
Perth: 3.6%
Hobart: –0.2%
Darwin: 1.3%
Canberra: 0.4%
Combined capitals: 2.5%
Combined regionals: 1.1%
National: 2.2%
Annual change in dwelling values:
Sydney: 7.3%
Melbourne: 1.5%
Brisbane: 5.0%
Adelaide: 5.0%
Perth: 8.8%
Hobart: –7.0%
Darwin: -2.2%
Canberra: -3.0%
Combined capitals: 5.1%
Combined regionals: 0.4%
National:3.9%
Median values as at 30 September 2023
Sydney: $1,110,660
Melbourne: $776,716
Brisbane: $761.739
Adelaide: $691,591
Perth: $618,363
Hobart: $658,994
Darwin: $493,362
Canberra: $836,327
Combined capitals: $814,204
Combined regionals: $591,632
National: $740,668
Core Logic recently released their monthly update on the Home Value Index.
The Home Value Index rose 0.8% in September 2023. The biggest factor is the continued supply to demand imbalance.
This month had a larger increase than that of August 2023 at 0.7%
The September quarter saw Adelaide record the highest quarterly capital gain at 4.30%, Brisbane in second place with 3.90% and Perth 3.60%.
Hobart going the opposite way with a -0.2% correction.
Tim Lawless notes that the performance of each individual city is directly related to supply.
The three capital cities recording the highest capital gain have advertised supply levels that are around 40%below their previous 5 year average.
Hobart on the flip side having stock levels 40% above the 5 year average.
Since the trough in January 2023 the national home index has recovered by 6.6%, and is now only 1.30% below the historic high of April 2022.
Brisbane looking set to reach a record high in October 2023, 0.6% below it’s peak.
The upper quartile growing easing to 2.3% whereas the lower quartile growth rate has increased to 3.2%.
Affordability being a factor always to consider when investing.
The lower value capitals such as Perth and Adelaide have record the faster rate of growth, with the lower quartile outperforming.
Regional markets are lagging the capital cities recording weaker conditions.
There is no coincidence that the areas we are currently targeting are the areas performing.
We analyse the data, understand what areas are going to perform and invest in these areas.
Primed for growth and rental income growth.
If you’re motivated to invest and build a high quality property portfolio you need Taylored Property Wealth in your corner acting on your behalf as a Buyer’s Agent.
We can act on your behalf as your Brisbane Buyer’s Agent, Adelaide Buyer’s Agent, Perth Buyer’s or Newcastle Buyer’s Agent.
Further Reading:
➡️Australian Property Market Predictions 2024
➡️Talk to Me – Australian Property Podcast
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