Property Market Update

October's housing market continued to display signs of cooling, with only a modest national growth in values. Although this sustained growth highlights some market resilience, the slowdown reflects shifting dynamics as stock availability grows and buyer urgency wanes. Key cities like Sydney are now seeing declines, while mid-sized capitals like Perth and Adelaide, despite remaining top performers, are experiencing diminishing monthly gains compared to earlier in the year.

October's housing market continued to display signs of cooling, with only a modest national growth in values. Although this sustained growth highlights some market resilience, the slowdown reflects shifting dynamics as stock availability grows and buyer urgency wanes. Key cities like Sydney are now seeing declines, while mid-sized capitals like Perth and Adelaide, despite remaining top performers, are experiencing diminishing monthly gains compared to earlier in the year.

The Australian housing market has continued its trend of cooling growth through September. Nationally, dwelling values rose by 0.4%, which is down from the slight increase of 0.5% observed in August. Over the September quarter, growth slowed to 1.0%, marking the lowest increase since March 2023. This is coupled with a significant rise in property listings, which are now 8.8% higher than the five-year average, contributing to softer selling conditions as competition intensifies among vendors.

Perth leads with a substantial 5.7% increase, reflecting its robust market conditions driven by strong demand and relatively affordable housing. Adelaide follows closely with a 4.0% rise, indicating its steady growth supported by solid economic fundamentals and a more affordable housing market compared to the eastern states. Brisbane's 2.9% growth further underscores the continued strength of its market, bolstered by interstate migration and investment demand.

The Australian property market continues to exhibit robust growth despite a range of economic pressures. The CoreLogic Home Value Index (HVI) for July 2024 illustrates a persistent upward trend in dwelling values nationwide, though regional performance varies significantly.

The Australian property market has displayed resilience despite various economic challenges. The CoreLogic Home Value Index (HVI) for July 2024 highlights a continued upward trajectory in dwelling values across most regions, with significant variations in performance between different cities and property types.