Home values lifted for the fifth month in a row in November, with all states registering improvement, new figures show.
CoreLogic’s national Home Value Index lifted 1.7 per cent over the month, delivering the largest monthly gain since 2003.
From its lowest point in June this year, the national dwelling value index has recovered 4.7 per cent. Nevertheless, despite the rapid improvement, values remain 4.1 per cent below their 2017 peak, tracking roughly at the same level as recorded in the January 2017 results. Sydney and Melbourne continued to drive the rapid recovery, with values up by 2.7 per cent and 2.2 per cent respectively over the month.
In a significant turn of events for the Perth market, values edged 0.4 per cent higher in November, the first monthly rise in dwelling values since early 2018. Elsewhere, values rose 0.8 per cent in Brisbane, 0.5 per cent in Adelaide, 2.3 per cent in Hobart and 1.6 per cent in Canberra, but fell 1.2 per cent in Darwin.
The November results have seen CoreLogic’s national index nudge back into positive annual growth territory for the first time since April 2018, with dwelling values 0.1 per cent higher over the past twelve months. Four of Australia’s capital cities moved back into positive annual growth, led by Hobart (up 4.2 per cent), Canberra (3.0 per cent), Melbourne (2.2 per cent) and Sydney (1.6 per cent), while the largest declines remain in Darwin (down 10.9 per cent) and Perth (7.7 per cent).
Source: EPS Property Search