PHOTO: CoreLogic
Dwelling values rose by 1.1% over the month of December and by 4.0% over the quarter to finish out 2019 on a positive note according to the CoreLogic national home value index. This result represents the fastest rate of national dwelling value growth over any three month period since November 2009. Darwin was the only region amongst the capital cities and ‘rest-of-state’ areas to record a fall in values over the month, with a -0.5% decline.
CoreLogic head of research Tim Lawless said, “Although the monthly capital gains trend remains fast-paced, the 1.1% rise in December was softer relative to the 1.7% gain in November and the 1.2% rise in October. This would suggest that the pace of capital gains may have been dampened by higher advertised stock levels or worsening affordability pressures through early summer.”
On an annual basis, Australian dwelling values tracked 2.3% higher over the 2019 calendar year with five of the eight capital cities, and five of the seven ‘rest-of-state’ regions, seeing the year out in positive growth territory. Amongst the capitals, Sydney and Melbourne recorded the highest annual capital gain, with both cities posting a 5.3% rise in dwelling values over the year. Regional Tasmania, where values were 6.1% higher over the year, led the regional markets. Values were down in Darwin by 9.7%, 6.8% lower in Perth and 0.2% lower in Adelaide over the year, while values also fell across regional Western Australia (-11.8%) and Regional NSW (-1.1%).
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