Melbourne Housing recovery accelerates: CoreLogic Home Value Index surges with the strongest monthly growth since November 2021

Dear Fellow Property Investor,

CoreLogic’s national Home Value Index (HVI) has recorded a third consecutive monthly rise, with the pace of growth accelerating sharply to 1.2% in May.

After finding a floor in February, home values increased 0.6% and 0.5% through March and April respectively.

Sydney continues to lead the recovery trend, posting a 1.8% lift in values over the month, recording the city’s highest monthly gain since September 2021. Since moving through a trough in January, home values have risen by 4.8%, or the equivalent of a $48,390 lift in the median dwelling value.

Brisbane (1.4%) and Perth (1.3%) are the only other capitals to record a monthly gain of more than 1.0%, however, the rise in values was broad-based with the rate of growth accelerating across every capital city last month.

CoreLogic’s Research Director, Tim Lawless, noted the positive trend is a symptom of persistently low levels of available housing supply running up against rising housing demand.

“Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3% lower than they were at the same time last year and -24.4% below the previous five-year average for this time of year,” he said.

“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market. Amid increased competition, auction clearance rates have trended higher, holding at 70% or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.”

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