Property Market Update - August 2023

Data released by CoreLogic at the beginning of August has revealed that property prices are once again on the rise with the Gold Coast being a particular stand-out performer.

This data shows national Home Value Index (HVI) rose 0.7% in July marking a fifth consecutive month of housing value recovery. While housing values are continuing to record a broad-based rise, the rate of growth has lost momentum over the past two months, slowing from 1.2% in May. This loss of momentum is said to be partly due to an increased flow of new listings provides more choice and may be working to reduce some of the urgency felt among prospective buyers.

Brisbane saw an accelerating rate of growth leading the pace of gains across the capitals (along with Adelaide) with housing values up 1.4%.

Although the trend in new listings has risen in these cities, CoreLogic Research Director, Mr Lawless said the number remains well below levels from a year ago and the previous five-year average.

Regional values continued to lag behind the capitals with the combined regionals index rising 0.2% in July compared with a 0.8% increase across the combined capitals index.

The largest rise in regional housing values over the three months ending July (based on SA4 regions) has been the Gold Coast at 4.0% between April 2023 and July 2023.

What will happen to the property prices in the coming months is widely unknown as numerous factors could affect the growth in prices moving forward but for the moment, Queensland and particularly the Gold Coast property market are looking to be resilient and retaining value.

 

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