According to the latest CoreLogic report, the national Home Value Index (HVI) has increased by 1.6% in March 2024 and approximately $12k to dwelling values. The national HVI has risen by around $71,832 or 10.2% making new records every month since November, 2023.
All Capital Cities Except Darwin Witnessed a Dwelling Value Increase Over the Month
The monthly gains keep fluctuating by diversity. Perth’s housing marketplace value increased for more than 1.9% in a month. Adelaide and Brisbane’s housing market grew by 1.4% and 1.1% respectively. In Melbourne, the value decreased by over 0.2% in the first quarter of the year.
The National Growth Has Increased from 1.4% in 4th Quarter to 1.6% in 1st Quarter in 2024
Rate increase, high cost of living and housing has led to subtle housing conditions since the mid of 2023. The different house values depend on variable factors , such as affordable housing, and shortage of house supply. The housing values stay quite affordable than bigger capital cities. Housing is in short supply and buying demand is high because of the above average overseas and interstate migration rates despite the high capital gains in Perth.
The Richest Housing Growth Conditions Migrated to the Lower Quartile in Many Capital City Markets
The lower quartile housing price increased by 3.1% in the 1st quarter of 2024 in most of the capital cities. The local housing markets are witnessing an increase in values with the same level of diversity like their capital city equivalents. Regional Victoria witnessed the slightest growth conditions with a decrease in 0.3% in the 1st quarter of 2024. The home sales volume in the 2024 1st quarter was approximately 9.5% higher than the 1st quarter of 2023. Dwelling sales are approximately 3.7% more than the earlier decade average during the same time in 2023.
So, now you know how the home value index in Australia has exceptionally increased in 2024. Keep these discussed points in mind to make smart decisions as a property investor and take your property portfolio to the next level this year.
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