Australian home values recover to new record highs in March

Source: CoreLogic

Australian property values reached new heights in March, reversing a recent downward trend, according to CoreLogic’s national Home Value Index. Values increased 0.4% over the month, the second consecutive month of growth in the national index, following a short three-month decline where values dipped 0.5%.

Regional markets continue to outperform the capitals, with the combined regionals index rising 0.5% compared with a 0.4% gain seen across the combined capitals. However, the growth trajectory looks to be converging as the capital city trend accelerates and the regional trend holds steady.

Change in dwelling (House & Unit) values

Change in dwelling values over key time periods

Rental values are also at record highs, with the national rental index up a further 0.6% in March, in-line with the February increase, but well below the 1.0% increase seen this time last year. Dwelling rents rose across every capital city in March.

Rental growth has slowed more sharply across the unit sector relative to houses, but the slowdown has been from a higher base. Every capital city except the ACT is still recording a higher rate of growth in unit rents compared with house rents over the past 12 months.