Newsletter: Happy New Year! CoreLogic Home Value Index 2nd January 2025, TE in Hong Kong and Singapore.
Happy New Year! We sincerely hope you had an opportunity to celebrate the significant accomplishments of 2024 and to joyfully welcome you in the promising year of 2025 alongside your loved ones, friends, and family. This year, THE EXPATRIATE had the privilege of attending the New Year's Eve celebrations in Hobart, Tasmania, where we gathered at the Finish line of the prestigious Rolex Sydney Hobart Yacht Race. Unfortunately, the race was marred by tragedy, as it suffered the loss of two lives, sailors Nick Smith and Roy Quaden, on the very first night of the event. Our heartfelt thoughts and prayers go out to the family members of those who were lost, as well as to the crew members aboard the two yachts that were tragically affected. In remembrance, thousands of people attended a moving memorial service at Constitution Dock, where reefs were laid, and the lost sailor’s crew members floated beautiful flowers in the harbour to honour the courageous sailors who will be dearly missed. Through times of tragedy, we take the time to connect with those we love and cherish all the more and remember life is for living, and we have to make the most of our opportunities with gratitude and grace.
Rolex Sydney Hobart Photo from Instagram
While in Tassie, we were lucky to attend the iconic Museum of New and Old Art (MONA) Art Gallery. MONA would arguably be the best art gallery in Australia. From the Ferry Ride along the Derwent River to the gallery, where we chose to be in the Posh Pit and enjoyed local canapes and sparkling wine in glammed-up surroundings, to the quality of works exhibited, inspiring architecture, and location, to the choice of food and drinks at the gallery, the overall experience is unique and world-class and a must-visit when travelling to Hobart.
Another MUST DO while in Tassie is a visit to Taste of Summer: Tasmania. Also known as Tasmania’s TASTE where, the produce is fantastic and incredibly fresh, which the locals take pride in. The region is known for its superb oysters, mushrooms, farm-to-plate freshness, grapes and world-leading wine.
But what’s also great about the TASTE festival is that the boats from the Rolex Sydney Hobart Yacht Race complete a lap of honour after they cross the finish line past the pumping outdoor seating area and enjoy a cheer from their support crews and Taste attendees. Grab a season pass, and you can attend every day; it is fantastic value.
The prestigious Rolex Sydney Hobart Yacht Race brings together a diverse collection of sailors from across the globe. We had the wonderful opportunity to connect with the vibrant Aussie Expat sailing community, many of whom returned to Australia specifically to participate in this famous event. Additionally, we shared with the community our plans to be in Hong Kong and Singapore in February for some engaging seminars. Stay tuned for seminar dates and detailed information on the various topics we will discuss during these informative sessions.
Now, let’s catch up on what you missed over the Holidays.
CoreLogic Home Value Index (HVI) 2nd January 2025.
While we were celebrating, the dedicated team at CoreLogic Australia released the data from the 31st December Home Value Index. CoreLogic’s Home Value Index (HVI), published on 2 January 2025, dropped over the New Year’s Holidays with flat results for the overall Australian Housing Market. Still, the growth differed considerably, depending on which capital city or regional area you’ve invested in. However, the data shows that the nation has moved through its peaks, and a national slowdown has arrived as potential buyers await an interest rate cut. The key takeaways from the report are below.
The year 2024 ended the year down 0.1% nationally for December.
Following a peak in October and stable values in November. This decline, recorded on 31 December, also brought the quarterly change to -0.1%, ending a strong growth period from February 2023 to October 2024. This period faced high interest rates, cost-of-living pressures, and limited borrowing capacity. The CoreLogic HVI data has seen interest rate pressure since the second half of 2024.
The most affordable housing in the capital city markets saw the most significant value growth in 2024.
In all the capitals, housing values in the low-end segment increased by 9.8%, while those in the high-end segment only rose by 1.5%.
In annual terms, Australian home values experienced a notable increase of 4.9% in the year 2024, which resulted in an addition of approximately $38,000 to the median value of a typical home across the nation.
Regional housing markets ended the year positively, with values rising 6.0%, compared to a 4.5% increase in the capital index.
The most substantial growth came from regional WA (+16.1%), SA (+12.5%), and Qld (+10.5%). In contrast, regional Victoria and the NT saw declines of -2.7% and -4.7%, respectively.
Three capitals saw declines over the year: Melbourne (-3.0%), Hobart (-0.6%), and the ACT (-0.4%).
In contrast, mid-sized capitals experienced significant growth, with Perth rising 19.1%, Adelaide 13.1%, and Brisbane 11.2%. Despite this double-digit growth in 2024, these markets have likely peaked. Perth's annual change has dropped from a peak of 24.7% in July, Adelaide’s growth slowed from 14.6% in August, and Brisbane's gains peaked at 17.0% in April.
In December, capital city rankings changed, with Adelaide surpassing Perth as the top market. Adelaide's values rose by 2.1%, Perth's increased by 1.9%, and Brisbane's increased by 1.3%.
To learn more, read our key takeaways with the link to the full HVI report. Click on the button below.
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