CoreLogic Home Value Index rises 1.6% in March quarter, adding around $12k to dwelling values

Source:  CoreLogic

CoreLogic's national Home Value Index (HVI) rose 0.6% in March, on par with February’s increase, taking the current upswing in housing values through its 14^th straight month of growth.

Since declining -7.5% between April 2022 and January 2023, the national HVI has increased 10.2%, or, in dollar terms, by approximately $71,832, rising to new record highs each month since November last year.

Adelaide and Brisbane had 1.4% and 1.1% growth. The remaining capitals are showing much lower rates of change, although Melbourne is the only capital city to record a negative quarterly movement, down -0.2% over the first three months of the year.

The national quarterly pace of growth has accelerated from 1.4% in Q4 last year to 1.6% in Q1 2024.  Although housing values are rising faster than at the end of last year, the quarterly trend of growth has halved relative to the middle of last year when home values were rising 3.3% quarter-on-quarter.

Regional housing markets are also recording a rise in values, with similar levels of diversity as their capital city counterparts. Regional Victoria stands out with the softest growth conditions, with values down -0.3% in the first quarter of the year; the only broad ‘rest of state’ region to record a decline in values in the year-to-date.

The volume of home sales through the first quarter of the year was estimated to be 9.5% higher relative to Q1 last year, although comparison with a year ago is from a relatively low base, with the housing market bottoming out from the downturn at the beginning of last year. Compared to the previous decade average for this time of the year, dwelling sales are estimated to be 3.7% higher.

Index results as at 31 March 2024

Summary of housing values through the recent cycles