September Home Values: Trends in the Australian Property Market
For the 19th month in a row, CoreLogic has reported a national increase in home values. The Home Value Index (HVI) also rose 0.5% for the 3rd month in a row.
What is the Home Value Index? [1]
The Home Value Index (HVI), also known as the Hedonic Home Value Index uses recent property sales across the country to report the trends of property growth nationwide. It’s a crucial metric for analysing the Australian residential property market.
City Specific Trends
Sydney
For another month, Sydney saw mild growth at 0.3% , for a median property value of $1,180,463.
Brisbane
Just as we saw with Sydney, Brisbane saw identical growth to last month at 1.1%, with a median value of $875,040.
Melbourne
Melbourne’s downward trend in terms of property value saw a slight alleviation, with a decline of only 0.2%. despite this, Melbourne has slid below Perth and Adelaide to become the third lowest median property value at $776,044. CoreLogic’s Tim Lawless predicts it’s the volume of units in Melbourne [2] which is drawing it’s median value down.
Perth
When it comes to month-to-month growth, Perth still leads the pack with a 2% increase. The median property value is now $785,250.
Adelaide
Adelaide has overtaken Melbourne as the Capital City with the third highest median property value. A 1.4% increase in value brings it to $790,789.
Hobart
After a strong downturn of -0.5% last month, Hobart stabilised slightly with a decrease of just -0.1% this month. It still carries the second lowest dwelling of any capital city with a median property value of $655,114.
Darwin
Darwin is still the cheapest capital city, with it’s reduction of -0.2% taking it’s median property value to $504, 367
Canberra
After seeing no notable change last month, Canberra’s dwelling value dropped -0.4% in the month of August. The median property value is now $845,875.
[1] CoreLogic, 2024, Hedonic Home Value Index September
[2] Malo, Jim. 2024, The type of home that’s holding the Melbourne property market back The Age / Domain
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