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Australian homeowners gain $59K wealth boost from rising housing values in FY24

Posted on 2 July 2024

Source: CoreLogic

Australian dwelling values increased a further 0.7% in June, taking growth to 8.0% across FY2023-24.

This is the equivalent of a $59,000 increase to the median dwelling value in Australia, which is now $794,000. The annual rise was in stark contrast to the FY2022-23 when CoreLogic’s national index was down -2.0%. In that year, annual growth was weighed down by a -7.5% drop in values in the nine months following May 2022, when the cash rate target started to rise.

Despite the strong annual gain, the trend growth rate has eased since the highs of mid-2023 when the quarterly rate of change peaked at 3.3%.  The most recent June quarter saw dwelling values rise by 1.8% which is roughly in line with the March quarter (1.9%) and December quarter last year (1.8%).

Beneath the national headline numbers the market is running at different speeds, but most regions are trending higher in value. Melbourne and regional Victoria were the exceptions, with values down -0.2% and -0.3% respectively over the month.

Regional markets have shown a similar trend to the capitals. The growth trends are reflected in advertised stock levels, with the strongest markets continuing to show a severe shortage of homes available for sale.  Over the four weeks ending June, the number of homes advertised for sale Brisbane (-34%) is also recording real estate listings that are significantly below average for this time of year.

Rental growth is easing but remains well above average with CoreLogic’s national rental index recording a monthly rise of 0.4% (lowest since September last year) and an annual rise of 8.2% (lowest since November last year).

The slowdown in rental growth is most evident across the unit sector of Australia’s three largest capitals. The annual change in Brisbane unit rents has dropped by 6.8 percentage points to 8.5%.

Despite the slowdown in rental growth across some markets, rents are still rising at an above average pace across most regions and housing types.

An under supply of housing remains the primary factor keeping upwards pressure on home values despite a growing element of downside risk.

Most cities are now seeing more new listings coming to market as vendors become more active. Nationally, the flow of freshly advertised stock was tracking 12% higher than a year ago and 4% above the previous five year average. However, most of these homes are being purchased as fast as they are added to the market, with total advertised supply levels nearly 18% below the previous five year average.

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