Home Value Growth
In February, CoreLogic's home value index reported an increase in home prices of 0.3%. This rise was widespread across most regions experiencing positive growth, except for Darwin, which saw a slight decline of -0.1%, and Regional Victoria, which remained unchanged.
Notably, regional areas are continuing to demonstrate a robust growth trend. Regional Western Australia experienced the highest growth at 1.0%, followed by Regional South Australia with a 0.6% increase, and Regional Queensland, which saw an uptick of 0.5%. These regional areas are outperforming their capital city counterparts, suggesting a growing demand for properties outside urban centers as buyers seek more space and affordability.
In terms of supply, fewer new listings are entering the market. The combined capital cities, show new listings are tracking at 4.7% lower than the same period last year for the four weeks ending February 23. This figure is also 1.5% below the average of the previous five years, indicating potential supply constraints that could impact future price performance. Focusing on the performance of individual markets, Adelaide and Brisbane have emerged as leaders in rolling quarterly growth trends, recording increases of 1.2% and 0.9%, respectively. These regions may be benefiting from factors such as population growth, job opportunities, and a lifestyle appeal that continues to attract buyers.
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