CoreLogic’s national Home Value Index (HVI) increased by 0.8% in the first month of spring, taking the quarterly growth rate to 2.2%.

Adelaide recorded the largest quarterly gains among the capital cities at 4.3%, followed by Brisbane (3.9%) and Perth (3.6%). 

CoreLogic’s research director, Tim Lawless, noted the performance of the housing market in each city reflects the underlying supply dynamic.

“The three capitals recording the highest capital gain each have advertised supply levels that are around 40% below their previous five-year average. 

Since finding a trough in January, the national index has recovered by 6.6%, and home values are now only 1.3% below record highs recorded in April 2022, with Tim Lawless predicting values will hit new highs by the end of November.

“We have already seen dwelling values reach new record highs in Perth and Adelaide.  Brisbane looks set to reach a new record high in October, with home values currently only 0.6% below their previous peak,” he said. 

Based on data from Raine & Horne, it's evident that property owners are reacting to the improving market conditions. In September, there was an 11% increase in the number of owners seeking appraisals for their properties, which surges to an impressive 28% when compared to the middle of winter. This reflects a strong and positive response to the changing dynamics of the real estate market. 

On the flipside, Raine & Horne reports there were around 5% more buyers at open homes in September than in the middle of winter, but a massive 36% more than the same month in 2022. 

Angus Raine, Executive Chairman, Raine & Horne commented, “The Australian property market is off to a fantastic start this spring, with quarterly growth rate of 2.2%, signalling a promising trend for the market.

“There’s no doubt the decision by the Reserve Bank’s decision to ease back on interest rate rises is helping and property owners are responding enthusiastically to these improving economic and market conditions. 

“It’s also pleasing to see that buyers are also taking advantage of the favourable conditions. These numbers indicate a strong and vibrant housing market that's flourishing across the board.”

Angus concluded, “All in all, the Australian property market is showing remarkable resilience and growth, and it's an exciting time for both buyers and sellers, as long as the Reserve Bank comes to the party and leaves the cash rate alone.”

For all your real estate sales and property management needs this spring, contact your local Raine & Horne office.