September Home Value Index (CoreLogic)

"September marked a striking turn in housing market sentiment; consumer confidence increased, new listings rose, and six of the eight capital cities recorded a rise in home values over the month. The rate of decline across Sydney’s market has been consistently easing since July, and the remaining capital cities have all returned to some level of growth. Low advertised stock levels are a key factor supporting housing values. Nationally, new listing numbers remain 22% lower than a year ago, and 25% below the five year average. Similarly, total advertised stock levels were 14% below last year’s level, and 17% below the five year average. According to Mr Lawless, such tight inventory levels at a time when demand is recovering is creating some urgency in the market. “While the number of advertised homes is 14% lower than a year ago, our estimate of home sales through the September quarter was 2.8% higher than the same time last year. The imbalance between available supply and housing demand is one of the reasons why housing values have hardly fallen through the COVID period so far, and helps to explain the recent upwards trend in values across some cities.”

Source: CoreLogic