Thank you, CoreLogic Australia’s Executive Research Director of Asia Pacific, Tim Lawless, for sharing CoreLogic's National Home Value Index (HVI) with our community. Over the past month, the HVI rose only 0.1% in the last month of spring, the slowest increase since January 2023. This is the 22nd month of growth, but it may end soon. CoreLogic Australia’s Executive Research Director of Asia Pacific, Tim Lawless, CoreLogic's research director, noted that Melbourne and Sydney are seeing a downturn, and mid-sized capitals are also slowing down. In Melbourne, housing values fell 0.4% last month and are down 2.3% over the past year. For Sydney, the peak likely occurred in August, with values levelling off in September and dropping 0.2% in October and November.

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 slightly 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.

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