Australian home values bounce back for third consecutive month
Capital cities lead the way as median home values see clear upswing
2 min
Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.
The property data provider reports that their Home Value Index has noted a third consecutive rise in values in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.
Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.
Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.
CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.
“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 percent lower than they were at the same time last year and -24.4 percent 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 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.”
Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.
The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.
“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.
“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Launches plots for sale in ongoing Expo Valley residential development.
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Expo City Dubai, the master developer, has awarded four new contracts—three to UAE-based companies—and introduced plots of land for sale as part of the ongoing development of the Expo Valley residential project. Expo Valley, which is set to welcome its first residents in early 2026, will feature 532 villas, townhouses, and semi-detached properties.
These homes are designed to meet the highest sustainability standards, promoting environmentally friendly living and enhancing health and wellbeing. Additionally, Expo City has unveiled Expo Valley Plots, offering prospective buyers land parcels ranging from 7,500 to 12,500 square feet, with the option to combine areas to suit their needs.
Situated at the heart of Dubai’s growth corridor, Expo City Dubai boasts excellent connectivity via metro and major highways. With the expanding Dubai Exhibition Centre and the new Al Maktoum International Airport nearby, residents and the business community will enjoy seamless access to the rest of the city and beyond.
Ahmed Al Khatib, Chief Development and Delivery Officer at Expo City Dubai, said: “We continue to work closely with leading local and international companies, renowned for their expertise, as we build a community that epitomizes top quality, exceptional urban design. And as we invest in our city’s growth, we are delighted to offer plots of land for sale and the opportunity for designers and developers to be part of our successful, vibrant environment.”
Senan Abdullah Mohamed Juma Al Naboodah, Managing Director of Al Naboodah Construction Group, said: “This association is a continuation from our Expo 2020 Dubai collaboration, where we played a major role in delivering various projects leading to a very successful event. We value the developer’s commitment to ‘Better Together’, which emphasizes the power of collaboration, teamwork and synergy. Moving forward, we look to continue our association in developing this beautiful, one-of-a-kind residential community.”
Expo Valley residents will enjoy access to a nature reserve, lake and wadi, cycling tracks, walking trails, stables and bridleways, alongside play areas, recreational facilities – including three community clubhouses with gyms – charming cafés and farm-to-table dining, while Expo City’s attractions, family-friendly activities and retail and dining experiences are within easy reach.
Parsons oversaw the enabling works and overall supervision of the earthworks and Al Naboodah Contracting Company was responsible for decommissioning below-ground services and undertaking the landform grading works across the development. AECOM Middle East Limited is overseeing the administration and site supervision of Expo Valley’s infrastructure works and Al Nasr Contracting Company is responsible for the construction of utility networks, power systems, road works and associated landscaping works.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
