Insights

CoreLogic home value index, released on the 1^st of May indicates a promising future for the Victoria housing market. Australia’s dwelling value fell only half a percent in the month of April, showing the rate of decline continuing to ease.

The degree of decline has been lessening since December last year when national dwelling values fell -1.1%. In March, house values fell by 0.6% becoming the smallest of the consecutive 12 month decline since values fell by 0.5% in October last year.

CoreLogic head of research Tim Lawless comments with the following, “The improvement in the rate of decline is attributable to an easing in the market downturn across Sydney and Melbourne where values were previously falling much faster. Other property market insights supporting a subtle improvement in housing market conditions include a rise in mortgage related valuations activity (as indicated by CoreLogic platform data), an improvement in ABS household finance data for February, and the fact that auction clearance rates are holding around the mid-50% range across the major auction markets. While none of these indicators could be described as strong, the current trend in the data implies that housing market conditions may have moved through the worst of the downturn.”

National highlights from the last quarter ending April 2019

• Strongest performing capital city: Hobart +0.5%
• Weakest performing capital city: Darwin -3.4%
• Highest rental yield: Darwin 6.0%
• Lowest rental yields: Sydney 3.5%

 

Read the full report now… CoreLogic home value index May FINAL