National Home Value Index records 0.3% rise in October

New data shows Australian house prices are continuing to soften with Sydney recording its first monthly fall in values, since January last year.

Transcript

00:00This is some figures that have been compiled by Property Analyst CoreLogic and it's showing

00:08that a rise in those mid-sized city capitals have led to a modest growth for the month

00:14of October nationally for home prices, so up just 0.3% for October.

00:20But if we take a look at the capital city breakdown, you can see that some of those

00:25really larger markets in Sydney and Melbourne, they continue to be in the doldrums.

00:31Melbourne down 0.2%, that's actually leading to a fall of just under 2% for the year.

00:39And Sydney, well they've had a drop for the first time this month in some 21 months,

00:45so since January last year.

00:48And on the upswing you can see that Perth is leading the charge there, it's up 1.4%

00:54for the month of October.

00:55Adelaide's not that far behind with their annual growth going up to about 19.5%.

01:03However, we are seeing cooling conditions in terms of the market because those monthly

01:09increases are nothing like what we saw from the February to June period.

01:14And CoreLogic says that the reason we are seeing this is because we're seeing a corresponding

01:20rise in supply.

01:21So housing stock has actually gone up on the market by some 12.7%, sorry 12.9% since winter.

01:31And that means that buyers can be a little more choosy when it comes to that all important

01:36purchase of their own homes, as well as taking their time to decide on that purchase too.

01:43In terms of rents, we're also seeing a very modest growth in rents nationally.

01:48They're only up by 0.2% and that's probably pretty good news for the CPI figures as well

01:56and the potential for that interest rate cut.

02:00But what we are actually seeing in terms of unit rentals, they've actually gone backwards

02:05in five out of the eight capital cities.

02:08So that is at least some good news for the unit renters out there grappling with this

02:13cost of living crisis.