Source: CoreLogic
The CoreLogic Home Value Index (HVI) reveals significant insights into the performance of Australia’s housing market in 2024, marking a complex year shaped by affordability constraints and evolving market dynamics. Here's a summary of the key points:
End-of-Year Performance
December Decline: National home values dipped by -0.1% in December, dragging quarterly changes to -0.1%, signaling the end of a growth phase that started in February 2023.
Annual Growth: Despite the slowdown in the second half, annual values increased by 4.9%, equating to a median value gain of $38,000.
Capital City Insights
Cities | Percentage (%) |
Perth | +19.1 |
Adelaide | +13.1 |
Brisbane | +11.2 |
Melbourne | -3.0 |
Hobart | -0.6 |
ACT | -0.4 |
Quarterly Standouts: Adelaide outperformed Perth in the December quarter with values up 2.1%, while Perth saw a 1.9% increase.
Market Dynamics
Affordability and Supply:
Lower quartile housing values grew by 9.8%, compared to a modest 1.5% rise in the upper quartile, reflecting affordability constraints pushing demand to lower-priced markets.
Adelaide benefited from -34% lower stock levels than the five-year average, while Perth saw increased supply, moderating its growth.
Outlook and Context
CoreLogic’s Research Director, Tim Lawless, highlighted the market’s adjustment to high interest rates, cost-of-living pressures, and reduced borrowing capacities as the primary drivers behind the deceleration. The data underscores how affordability issues and stock levels shaped performance, especially favoring more affordable segments and regional markets.
These trends suggest a continuing shift in buyer preferences and regional opportunities in 2025.
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