January results surprise to the upside, as Sydney and Melbourne growth rates stabilise

CoreLogic’s national measure of housing values rose by 1.1% in January, up 10 basis points from the December result, when the national index was up 1.0%. Five of the eight capital cities recorded a modest uptick in the monthly rate of growth, including Melbourne, which had posted a slight decline in values in the previous month. However, the quarterly change continued to soften, reflecting the longer-term trend of slowing growth across most regions of Australia.

CoreLogic’s Research Director, Tim Lawless, notes housing stock is thinly traded during January and it will be important to monitor the trend as transactional activity picks up.  

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