Property Market Update - October 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.3% of household wealth held in housing at a total estimated value of $10 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Chart Pack (September 2023)

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.0%.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 30 September 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 110 660$776 716$761 739$691 591$618 363$658 994$493 362$836 327
Source: CoreLogic - Hedonic Home Value Index (2 October 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and $40 631 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (2 October 2023)

Past Month

Combined capitals (0.9% increase) outperformed combined regionals (0.4% increase) during September 2023. The Adelaide (1.7%), Perth & Brisbane (1.3%) markets led the way. In the regional market, the Regional West Australian (0.8%) and Regional Queensland (0.6%) markets recorded the largest increase in dwelling values.

Past 3 Months

Combined capitals (2.5% increase) outperformed combined regionals (1.1% increase) during the past 3 months to October 2023. Adelaide (4.3%) and Brisbane (3.9%) led their peers. In the regional market, the Regional South Australian (2.8%) and Regional Queensland (2.3%) property markets were the top performers.

Past 12 Months

Combined capitals (5.1% increase) outperformed combined regionals (0.4% increase) during the past 12 months to October 2023. Perth (8.8%) and Sydney (7.3%) were the standouts, whilst Hobart (-7.0%) and Canberra (-3.0%) experienced the largest decreases in dwelling values over the past year. In the regional market, the Regional South Australian (9.3%) and Regional Western Australian (6.2%) property markets recorded the highest levels of growth.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (2 October 2023)

Houses

The Perth housing rental market continues to charge ahead with a 12.7% growth in rents over the past year. Melbourne (11.3%) and Sydney (9.1%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market remains negative (-4.1%) along with the Hobart market (-1.9%).

Units

The Perth unit rental market has outperformed all other capital cities, experiencing a 16.2% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings. Sydney (14.3%) and Brisbane (14.0%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Hobart (-0.9%) and Canberra (-0.3%) have experienced negative growth in unit rents over the previous 12 months. Darwin (4.0%) continues its annual increase, albeit below the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (2 October 2023)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (2 October 2023)

Combined Property Markets

Combined regional yields (4.4%) continue to be higher than combined capital gross yields (3.5%).

Regional Property Markets

Regional Northern Territory (6.7%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria and Regional New South Wales (4.0%) collectively have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.6%) and Perth (4.7%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.0%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find previous Property Market Updates here.


Property Market Update - August 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.6 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Chart Pack (July 2023)

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.9%.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 July 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 082 129$766 912$735 394$671 755$598 074$655 984$488 363$839 507
Source: CoreLogic - Hedonic Home Value Index (1 August 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 55% of the value of Sydney's median dwelling value, and $57 910 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (1 August 2023)

Past Month

Combined capitals (0.8% increase) outperformed combined regionals (0.2% increase) during July 2023. The Adelaide (1.4%) and Brisbane (1.4%) markets led the way. In the regional market, The Regional South Australian (1.1%) and Regional Queensland (0.7%) markets recorded the largest increase in dwelling values.

Past 3 Months

Combined capitals (3.5% increase) outperformed combined regionals (1.2% increase) during the past 3 months to August 2023. Sydney (4.5%) and Brisbane (4.2%) outperformed their peers. In the regional market, the Regional South Australian (3.1%) and Regional Queensland (2.6%) property markets were the top performers.

Past 12 Months

Combined capitals (2.7% decrease) outperformed combined regionals (5.6% decrease) during the past 12 months to August 2023. Perth (3.4%) and Adelaide (1.0%) were the standouts, whilst Hobart (-11.4%) and Canberra (-7.9%) experienced the largest decreases in dwelling values over the past year. In the regional market, the Regional South Australian (8.8%) and Regional Western Australian (3.3%) property markets recorded the highest levels of growth.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (1 August 2023)

Houses

The Perth housing rental market continues to charge ahead with a 13.2% growth in rents over the past year. Melbourne (11.2%) and Sydney (9.1%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market remains negative (-4.0%) over the past 12 months. Hobart (0.2%) and Darwin (1.8%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 17.8% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings and record levels of post-pandemic immigration. Perth (15.9%) and Brisbane (15.8%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced negative growth of -0.5% in unit rents over the previous 12 months. Hobart (2.8%) and Darwin (4.7%) have continued their annual increase, below the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (1 August 2023)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 August 2023)

Combined Property Markets

Combined regional yields (4.5%) continue to be higher than combined capital gross yields (3.6%).

Regional Property Markets

Regional Northern Territory (6.9%) and Regional Western Australia (6.6%) collectively have the highest gross rental yields, whilst Regional Victoria (4.0%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.5%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.1%) and Melbourne (3.5%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for July 2023 here.


Property Market Update - July 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.6 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Chart Pack (June 2023)

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.9%.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 30 June 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 073 924$762 537$725 397$663 136$588 454$651 187$492 081$830 217
Source: CoreLogic - Hedonic Home Value Index (3 July 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 55% of the value of Sydney's median dwelling value, and a staggering $62 733 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (3 July 2023)

Past Month

Combined capitals (1.2% increase) outperformed combined regionals (0.5% increase) during June 2023. The Sydney (1.7%) and Brisbane (1.3%) markets led the way. In the regional market, the Regional South Australian and Regional Queensland (1.0%) markets recorded the largest increases in dwelling values.

Past 3 Months

Combined capitals (3.3% increase) outperformed combined regionals (1.1% increase) during the past 3 months to July 2023. Sydney (4.9%) and Brisbane (3.0%) outperformed their peers, whilst Darwin (-0.3%) experienced a reduction in dwelling values over the quarter. In the regional market, the Regional South Australian (2.8%) and Regional Queensland (2.6%) property markets were the top performers.

Past 12 Months

Combined capitals (4.8% decrease) outperformed combined regionals (6.5% decrease) during the past 12 months to July 2023. Perth (2.5%) and Adelaide (0.0%) were the standouts, whilst Hobart (-12.7%) and Canberra (-8.8%) experienced the largest decreases in dwelling values over the past year. In the regional market, the Regional South Australian (8.7%) and Regional Western Australian (3.7%) property markets recorded the highest levels of growth.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (3 July 2023)

Houses

The Perth housing rental market continues to charge ahead with a 13.1% growth in rents over the past year. Melbourne (10.6%) and Sydney (9.4%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market has turned negative (-4.0%) over the past 12 months. Hobart (0.7%) and Darwin (2.3%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing an 18.8% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings and record levels of post-pandemic immigration. Brisbane (16.3%) and Melbourne (15.5%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 0.6% in unit rents over the previous 12 months. Hobart (3.8%) and Darwin (5.2%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (3 July 2023)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (3 July 2023)

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.6%).

Regional Property Markets

Regional Northern Territory (8.8%) and Regional Western Australia (6.5%) collectively have the highest gross rental yields, whilst Regional Victoria (4.0%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.1%) and Melbourne (3.5%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for June 2023 here.


Property Market Update - June 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.5 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Chart Pack (May 2023)

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.2%.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 May 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 052 810$755 871$713 939$654 767$580 023$655 403$491 386$825 053
Source: CoreLogic - Hedonic Home Value Index (1 June 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all capital cities, Perth's median value ranks 7th overall. This is approximately 55% of the value of Sydney's median dwelling value, and a staggering $75 380 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (1 June 2023)

Past Month

Combined capitals (1.4% increase) outperformed combined regionals (0.5% increase) during May 2023. The Sydney (1.8%) and Brisbane (1.4%) markets led the way. In the regional market, the Regional South Australian (0.9%) and Regional Queensland (0.8%) markets recorded the largest increases in dwelling values.

Past 3 Months

Combined capitals (2.8% increase) outperformed combined regionals (0.8% increase) during the past 3 months to June 2023. The Regional South Australian (2.8%) and Regional Queensland (1.9%) property markets were the top performers. In the capital city market, Sydney (4.5%) and Perth (2.4%) outperformed their peers, whilst Darwin (-1.3%) and Hobart (-0.5%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined capitals (6.8% decrease) outperformed combined regionals (6.9% decrease) during the past 12 months to June 2023. The Regional South Australian (9.5%) and Regional Western Australian (3.6%) property markets recorded the highest levels of growth. In the capital city market, Perth (2.0%) and Adelaide (0.4%) were the standouts, whilst Hobart (-12.6%) and Brisbane (9.3%) experienced the largest decreases in dwelling values over the past year.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (1 June 2023)

Houses

The Perth housing rental market continues to charge ahead with a 13.0% growth in rents over the past year. Melbourne (10.0%) and Adelaide (9.7%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market has turned negative (-3.2%) over the past 12 months. Hobart (1.5%) and Darwin (3.0%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 19.3% growth in rents over the past year. Continued pressure is currently being placed on this market from an undersupply of dwellings and record levels of post-pandemic immigration. Brisbane (16.4%) and Melbourne (15.6%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 1.5% in unit rents over the previous 12 months. Darwin (5.8%) and Hobart (6.1%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (1 June 2023)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 June 2023)

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Northern Territory (6.6%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria (4.0%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.5%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for May 2023 here.


Property Market Update - May 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 56.1% of household wealth held in housing at a total estimated value of $9.4 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Chart Pack (April 2023)

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.4%.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 30 April 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 031 138$751 125$705 016$650 981$572 837$648 811$484 483$839 732
Source: CoreLogic - Hedonic Home Value Index (1 May 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $75 974 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (1 May 2023)

Past Month

Combined capitals (0.7% increase) outperformed combined regionals (0.1% increase) during April 2023. The Sydney (1.3%) and Perth (0.6%) markets led the way. In the regional market, the Regional South Australian (0.9%) and Regional Queensland (0.8%) markets recorded the largest increases in dwelling values.

Past 3 Months

Combined capitals (1.4% increase) outperformed combined regionals (0.1% decrease) during the past 3 months to May 2023. The Regional South Australian (2.4%) and Regional Western Australian (1.2%) property markets were the top performers. In the capital city market, Sydney (3.0%) and Perth (1.0%) outperformed their peers, whilst Hobart (-2.4%) and Darwin (-2.0%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (6.8% decrease) outperformed combined capitals (8.4% decrease) during the past 12 months to May 2023. The Regional South Australian (10.0%) and Regional Western Australian (3.7%) property markets recorded the highest levels of growth. In the capital city market, Perth (1.3%) and Adelaide (1.3%) were the standouts, whilst Hobart (-12.7%) and Sydney (-10.7%) experienced the largest decreases in dwelling values over the past year.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (1 May 2023)

Houses

The Perth housing rental market continues to charge ahead with a 13.1% growth in rents over the past year. Adelaide (10.7%) and Brisbane (10.3%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra market has turned negative (-1.8%) over the past 12 months. Darwin (2.3%) and Hobart (3.1%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 19.1% growth in rents over the past year. Continued pressure is currently being placed on this market from record levels of post-pandemic immigration. Brisbane (16.5%) and Melbourne (15.2%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 2.4% in unit rents over the previous 12 months. Darwin (7.0%) and Hobart (7.2%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 May 2023)

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 May 2023)

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Northern Territory (6.7%) and Regional Western Australia (6.5%) collectively have the highest gross rental yields, whilst Regional Victoria (3.9%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for April 2023 here.


Property Market Update - April 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.0% of household wealth held in housing at a total estimated value of $9.3 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Chart Pack (March 2023)

Furthermore, with outstanding mortgage debt at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.7%. Contrary to many mainstream media headlines, the overall market's LVR is not what would be considered to be at critically dangerous levels.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 March 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 014 393$747 322$698 071$645 721$567 111$650 689$492 465$828 175
Source: CoreLogic - Hedonic Home Value Index (3 April 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $83 578 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (3 April 2023)

Past Month

Combined capitals (0.8% increase) outperformed combined regionals (0.2% increase) during March 2023. The Sydney (1.4%) and Melbourne (0.6%) markets led the way. In the regional market, the Regional South Australian (1.0%) and Regional Western Australian (0.9%) markets were the only ones to record increases in dwelling values.

Past 3 Months

Combined capitals (0.4% decrease) outperformed combined regionals (1.0% decrease) during the past 3 months to April 2023. The Regional South Australian (2.0%) and Regional Western Australian (1.5%) property markets were the top performers. In the capital city market, Sydney (0.4%) and Perth (0.1%) outperformed their peers, whilst Hobart (-4.0%) and Canberra (-2.0%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (5.7% decrease) outperformed combined capitals (8.7% decrease) during the past 12 months to April 2023. The Regional South Australian (11.3%) and Regional Western Australian (4.9%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (3.0%) and Perth (1.9%) were the standouts, whilst Hobart (-12.9%) and Sydney (-12.1%) experienced the largest decreases in dwelling values over the past year.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (3 April 2023)

Houses

The Perth housing rental market continues to charge ahead with a 12.7% growth in rents over the past year. Adelaide (11.2%) and Brisbane (11.2%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra housing rental market has turned negative (-0.8%) over the previous 12 months. Darwin (2.6%) and Hobart (4.0%) are at the lower end of rental growth.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 18.1% growth in rents over the past year. Continued pressure is currently being placed on this market from record levels of post-pandemic immigration. Brisbane (16.1%) and Melbourne (14.6%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 3.2% in unit rents over the previous 12 months. Darwin (7.3%) and Hobart (7.8%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (3 April 2023)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (3 April 2023)

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Northern Territory (6.8%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria (3.9%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.4%) and Perth (4.9%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for March 2023 here.


Property Market Update - March 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.0% of household wealth held in housing at a total estimated value of $9.2 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Pack (February 2023)

Furthermore, with outstanding mortgage debt currently at $2.2 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 23.9%. Contrary to many mainstream media headlines, the overall market's LVR is not what would be considered to be at critically dangerous levels.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 28 February 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 006 923$743 554$694 495$645 812$561 740$658 470$495 712$833 155
Source: Hedonic Home Value Index (1 March 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $96 730 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (1 March 2023)

Past Month

Combined capitals (0.1% decrease) outperformed combined regionals (0.3% decrease) during February 2023. The Sydney (0.3%) and Perth (-0.1%) markets led the way. In the regional market, the Regional South Australian (0.4%) and Regional Western Australian (0.2%) markets were the only ones to record increases in dwelling values.

Past 3 Months

Combined regionals (2.1% decrease) outperformed combined capitals (2.3% decrease) during the past 3 months to March 2023. The Regional South Australian (1.6%) and Regional Western Australian (1.1%) property markets were the top performers. In the capital city market, Perth (-0.2%) outperformed its peers, whilst Hobart (-4.9%) and Brisbane (-3.2%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (4.2% decrease) outperformed capital cities (9.1% decrease) during the past 12 months to March 2023. The Regional South Australian (13.2%) and Regional Western Australian (4.6%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (5.1%) and Darwin (2.9%) were the standouts, whilst Sydney (-13.4%) and Hobart (-11.8%) experienced the largest decreases in dwelling values over the past year.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (1 March 2023)

Houses

The Perth housing rental market continues to charge ahead with a 12.4% growth in rents over the past year. Adelaide (12.0%) and Brisbane (11.9%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra housing rental market has been more subdued, growing at 0.8% over the previous 12 months. Darwin (3.5%) and Hobart (4.7%), although at the lower end of rental growth, are also seeing healthy increases in rents for houses.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 16.7% growth in rents over the past year. Continued pressure will be placed on this market as international borders progressively open globally and immigration returns to pre-pandemic levels. Brisbane (15.6%) and Melbourne (13.9%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra has experienced more moderate growth of 4.0% in unit rents over the previous 12 months. Darwin (7.1%) and Hobart (8.3%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (1 March 2023)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 March 2023)

Combined Property Markets

Combined regional yields (4.6%) continue to be higher than combined capital gross yields (3.7%).

Regional Property Markets

Regional Nortnern Territory (7.0%) and Regional Western Australia (6.4%) collectively have the highest gross rental yields, whilst Regional Victoria (3.9%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.3%) and Perth (4.8%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.4%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for February 2023 here.


Property Market Update - February 2023

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.0% of household wealth held in housing at a total estimated value of $9.3 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Pack (February 2023)

Furthermore, with outstanding mortgage debt currently at $2.1 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 22.6%. Contrary to many mainstream media headlines, the overall market's LVR is not what would be considered to be at critically dangerous levels.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 31 January 2023 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$999 278$746 468$698 204$646 045$559 971$666 431$500 228$841 605
Source: CoreLogic - Hedonic Home Value Index (1 February 2023)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median dwelling value ranks 7th overall. This is approximately 56% of the value of Sydney's median dwelling value, and a staggering $106 460 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic - Hedonic Home Value Index (1 February 2023)

Past Month

Combined regionals (0.8% decrease) outperformed combined capitals (1.1% decrease) during January 2023. The Regional South Australian (0.5%) and Regional Western Australian (0.4%) markets led the way. In the capital city market, no markets experienced growth, whilst Hobart (-1.7%) and Brisbane (-1.4%) suffered the largest decreases in dwelling values.

Past 3 Months

Combined regionals (2.6% decrease) outperformed combined capitals (3.3% decrease) during the past 3 months to February 2023. The Regional South Australian (2.3%) and Regional Western Australian (1.9%) property markets were the top performers. In the capital city market, Perth (-0.1%) outperformed its peers, whilst Hobart (-5.5%), and Brisbane (-4.8%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (2.3% decrease) outperformed capital cities (8.7% decrease) during the past 12 months to February 2023. The Regional South Australian (15.3%) and Regional Western Australian (4.9%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (6.9%) and Darwin (3.7%) were the standouts, whilst Sydney (-13.8%) and Hobart (-9.5%) experienced the largest decreases in dwelling values over the past year.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (1 February 2023)

Houses

The Adelaide housing rental market continues to charge ahead with a 12.4% growth in rents over the past year. Brisbane (12.5%) and Perth (11.9%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra housing rental market has been more subdued, growing at 2.7% over the previous 12 months. Darwin (4.0%) and Hobart (5.2%), although at the lower end of rental growth, are also seeing healthy increases in rents for houses.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 15.9% growth in rents over the past year. Continued pressure will be placed on this market as international borders progressively open globally and immigration returns to pre-pandemic levels. Brisbane (15.3%) and Melbourne (13.6%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Canberra and Darwin have experienced more moderate growth of 4.7% and 6.0% respectively in unit rents over the previous 12 months. Hobart (8.1%) has continued its annual increase, roughly in line with the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (1 February 2023)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 February 2023)

Combined Property Markets

Combined regional yields (4.5%) continue to be higher than combined capital gross yields (3.6%).

Regional Property Markets

Regional Northern Territory (7.1%) and Regional Western Australia (6.3%) collectively have the highest regional gross yields, whilst Regional Victoria (3.8%) and Regional New South Wales (4.1%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.3%) and Perth (4.8%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.2%) and Melbourne (3.3%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for December 2022 here.


Property Market Update - December 2022

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.8% of household wealth held in housing at a total estimated value of $9.6 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Pack (November 2022)

Furthermore, with outstanding mortgage debt currently at $2.1 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 21.9%. Contrary to many mainstream media headlines, the overal market's LVR is not what would be considered to be at critically dangerous levels.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as of 30 November 2022 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 025 684$759 496$715 130$649 979$560 789$684 828$510 105$869 235
Source: CoreLogic - Hedonic Home Value Index (1 December 2022)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median dwelling value ranks 7th overall. This is approximately 55% of the value of Sydney's median dwelling value, and a staggering $124 039 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic Hedonic Home Value Index (1 December 2022)

Past Month

Combined regionals (0.9% decrease) outperformed combined capitals (1.1% decrease) during November 2022. The Regional South Australian (1.0%) and Regional Western Australian (0.9%) markets led the way. In the capital city market, Darwin (0.2%) experienced growth, whilst Hobart and Brisbane (-2.0%) suffered the largest decreases in dwelling values.

Past 3 Months

Combined capitals (3.5% decrease) outperformed combined regionals (3.6% decrease) during the past 3 months to November 2022. The Regional South Australian (1.6%) and Regional Western Australian (1.1%) property markets were the top performers. In the capital city market, Perth (-0.5%) outperformed its peers, whilst Brisbane (-5.6%), Hobart and Sydney (-4.4%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (3.3% increase) outperformed capital cities (5.2% decrease) during the past 12 months to November 2022. The Regional South Australian (18.9%) and Regional Western Australian (6.4%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (13.4%) and Darwin (5.5%) were the standouts, whilst Sydney (-10.6%) and Melbourne (-7.0%) experienced decreases in dwelling values over the past year.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (1 December 2022)

Houses

The Brisbane housing rental market continues to charge ahead with a 13.4% growth in rents over the past year. Adelaide (12.8%) and Perth (10.5%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Canberra housing rental market has been more subdued, growing at 5.1% over the previous 12 months. Darwin (5.3%) and Hobart (5.9%), although at the lower end of rental growth, are also seeing healthy increases in rents for houses.

Units

The Sydney unit rental market has outperformed all other capital cities, experiencing a 14.7% growth in rents over the past year. Continued pressure will be placed on this market as international borders progressively open globally and immigration returns to pre-pandemic levels. Brisbane (14.3%) and Melbourne (13.9%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Darwin and Canberra have experienced more moderate growth of 5.9% in unit rents over the previous 12 months. Hobart (6.9%) has continued its annual increase, roughly in line with the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (1 December 2022)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 December 2022)

Combined Property Markets

Combined regional yields (4.4%) continue to be higher than combined capital gross yields (3.5%).

Regional Property Markets

Regional Northern Territory (7.1%) and Regional Western Australia (6.3%) collectively have the highest regional gross yields, whilst Regional Victoria (3.8%) and Regional New South Wales (4.0%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.3%) and Perth (4.6%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Sydney (3.1%) and Melbourne (3.2%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for November 2022 here.


Property Market Update - November 2022

Overall Property Market Snapshot

The Australian property market continues to be the principal asset class of choice for Australians with 57.8% of household wealth held in housing at a total estimated value of $9.6 Trillion. This is greater than the combined value of Australian Superannuation, Australian Listed Stocks and Commercial Real Estate.

Market Snapshot
Source: CoreLogic - Monthly Housing Pack (October 2022)

Furthermore, with outstanding mortgage debt currently at $2.1 Trillion, the Australian Residential Real Estate Market has a Loan to Value Ratio (LVR) of 21.9%. Contrary to many mainstream media headlines, the overall market's LVR is not what would be considered to be at critically dangerous levels.


Median Dwelling Values

According to CoreLogic, median dwelling values for the Australian property market in the 8 capital cities as at 31 October 2022 were as follows:

SydneyMelbourneBrisbaneAdelaidePerthHobartDarwinCanberra
$1 036 727$767 117$728 615$654 079$559 043$696 334$507 081$876 567
Source: CoreLogic - Hedonic Home Value Index (1 November 2022)

Whilst Sydney continues to have the highest median dwelling value, it is worth noting that despite having the 4th largest population of all the capital cities, Perth's median dwelling value ranks 7th overall. This is approximately 54% of the value of Sydney's median dwelling value, and a staggering $137 291 less than Hobart's median dwelling value which has approximately 10 times less the population of Perth.


Change in Dwelling Values

Source: CoreLogic Hedonic Home Value Index (1 November 2022)

Past Month

Combined capitals (1.1% decrease) outperformed combined regionals (1.4% decrease) during October 2022. The Regional South Australian (0.1%) market led the way. In the capital city market, no markets experienced growth, whilst Brisbane (-2.0%) and Sydney (-1.3%) experienced the largest decreases in dwelling values.

Past 3 Months

Combined capitals (4.0% decrease) outperformed combined regionals (4.1% decrease) during the past 3 months to October 2022. The Regional South Australian property market was the top performer. In the capital city market, Darwin (0.0%) outperformed its peers, whilst Brisbane (-5.4%) and Sydney (-5.3%) both experienced a reduction in dwelling values over the quarter.

Past 12 Months

Combined regionals (6.6% increase) outperformed combined capitals (3.1% decrease) during the past 12 months to October 2022. The Regional South Australian (20.4%) and Regional Queensland (8.5%) property markets recorded the highest levels of growth. In the capital city market, Adelaide (16.5%) and Brisbane (8.4%) were the standouts, whilst Sydney (-8.6%) and Melbourne (5.6%) experienced decreases in dwelling values over the past year.


Market Changes in Rents

Market Changes in Rent - Houses
Source: CoreLogic - Hedonic Home Value Index (1 November 2022)

Houses

The Brisbane housing rental market continues to charge ahead with a 13.6% growth in rents over the past year. Adelaide (13.1%) and Perth (9.8%) have also experienced substantial growth in rents for houses over the preceding 12 months.

The Darwin housing rental market has been more subdued, growing at 5.6% over the previous 12 months. Canberra (5.7%) and Melbourne (6.0%), although at the lower end of rental growth, are also seeing healthy increases in rents for houses.

Units

The Melbourne unit rental market has outperformed all other capital cities, experiencing a 13.7% growth in rents over the past year. Continued pressure will be placed on this market as international borders continue to open globally and immigration returns to pre-pandemic levels. Sydney (13.4%) and Brisbane (13.1%) have also seen substantial growth in rents for units over the preceding 12 months.

Similarly to housing rents, Darwin has experienced more moderate growth of 6.3% in unit rents over the previous 12 months. Canberra (6.7%) and Hobart (6.8%) have continued their annual increase, roughly in line with the economy's broader level of inflation.

Market Changes in Rent - Units
Source: CoreLogic - Hedonic Home Value Index (1 November 2022)

Gross Rental Yields

Gross Rental Yields
Source: CoreLogic - Hedonic Home Value Index (1 November 2022)

Combined Property Markets

Combined regional yields (4.4%) continue to be higher than combined capital gross yields (3.4%).

Regional Property Markets

Regional Northern Territory (7.1%) and Regional Western Australia (6.4%) collectively have the highest regional gross yields, whilst Regional New South Wales (3.9%) and Regional Victoria (3.7%) have the lowest yields.

Capital City Property Markets

Amongst the capital cities, Darwin (6.3%) and Perth (4.6%) continue to offer the best opportunities for investors to purchase positive to neutrally geared property. On the opposite end of the spectrum, Melbourne (3.1%) and Sydney (3.0%) continue to offer the lowest gross rental yields.


Find the full version of the National Media Release by CoreLogic here.


You can find the Property Market Update for October 2022 here.


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