Where property prices are rebounding around the country

Australian home prices rebounded strongly in 2023, new figures released today have shown.

The Home Value Index from property data provider CoreLogic revealed prices surged by 8.1 percent last year after falling -4.9 percent in 2022. However, recorded growth is nothing like the rises in 2021, which saw home prices swell by 24.5 percent.

CoreLogic research director Tim Lawless said while the greatest increases were seen at the start of 2023, consistent interest rate rises announced by the RBA put a dampener on growth as the year progressed, with just a 0.4 percent increase in December.

“This was the smallest gain in our national monthly HVI since values started rising in February,” Mr Lawless said. “After monthly growth in home values peaked in May at 1.3 percent, a rate hike in June and another in November, along with persistent cost of living pressures, worsening affordability challenges, rising advertised stock levels and low consumer sentiment, have progressively taken some heat out of the market through the second half of the year.”

While regional areas saw record price rises during COVID, it is now the Australian capitals leading increases in home values, Mr Lawless said.

“Stronger conditions across capital city markets is a reversal of the early COVID trend which saw regional markets experience higher demand amid strong internal migration,” he said. “Regional migration trends have mostly normalised through 2023, and the significant capital gains recorded through 2020 to 2022 has meant many regional markets have become less affordable.”

However, growth across capital cities is uneven, with Perth recording the highest annual increases at 15.2 percent, followed by Brisbane on 13.1 percent and Sydney on 11.1 percent. The results were followed by Adelaide (8.8 percent), Melbourne (3.5 percent) and Canberra (0.5 percent). Darwin and Hobart values declined over the past 12 months, down -0.1 percent and -0.8 percent respectively.

In Perth, the top performing suburb was Armadale, up 25.2 percent, followed by Gosnells, 22.6 percent.

In Brisbane, home values in the suburb of Nathan are up 22 percent on last year, followed by Mt Gravatt, up 21.1 percent.

For the Sydney market, Blacktown lead the way, with a 15.8 percent increase in home values, followed by the inner west suburbs of Marrickville – Sydenham – Petersham, which increased by 15.3 percent.

Rank	SA3 Name	SA4 Name	Median Value	Annual change
*Greater Sydney*
1	Blacktown	Sydney -Blacktown	$969,287	15.8%
2	Marrickville -Sydenham -Petersham	Sydney -City and Inner South	$1,741,931	15.3%
3	Hornsby	Sydney -North Sydney and Hornsby	$1,485,422	15.3%
4	Strathfield -Burwood -Ashfield	Sydney -Inner West	$917,641	14.9%
5	Eastern Suburbs -North	Sydney -Eastern Suburbs	$1,988,175	14.6%
6	Warringah	Sydney -Northern Beaches	$2,068,585	14.5%
7	Canterbury	Sydney -Inner South West	$1,085,111	14.3%
8	Mount Druitt	Sydney -Blacktown	$812,868	14.1%
9	Merrylands -Guildford	Sydney -Parramatta	$1,060,399	14.1%
10	Leichhardt	Sydney -Inner West	$2,007,850	14.0%
*Greater Melbourne*
1	Darebin -North	Melbourne -North East	$762,619	7.9%
2	Banyule	Melbourne -North East	$935,214	7.7%
3	Monash	Melbourne -South East	$1,223,086	7.6%
4	Knox	Melbourne -Outer East	$910,533	7.5%
5	Manningham -West	Melbourne -Inner East	$1,388,013	7.1%
6	Manningham -East	Melbourne -Outer East	$1,539,018	6.9%
7	Whitehorse -West	Melbourne -Inner East	$1,213,085	6.7%
8	Whitehorse -East	Melbourne -Outer East	$1,185,513	6.1%
9	Casey -North	Melbourne -South East	$808,703	5.3%
10	Casey -South	Melbourne -South East	$758,745	5.1%
*Greater Brisbane*
1	Nathan	Brisbane -South	$1,079,497	22.0%
2	Mt Gravatt	Brisbane -South	$1,117,075	21.2%
3	Sunnybank	Brisbane -South	$1,026,758	19.4%
4	Carindale	Brisbane -South	$1,212,544	19.1%
5	Holland Park -Yeronga	Brisbane -South	$756,166	18.8%
6	Springwood -Kingston	Logan -Beaudesert	$638,552	17.1%
7	Chermside	Brisbane -North	$945,095	16.7%
8	Rocklea -Acacia Ridge	Brisbane -South	$935,200	16.2%
9	Nundah	Brisbane -North	$794,173	15.7%
10	Forest Lake -Oxley	Ipswich	$665,472	15.4%
*Greater Adelaide*
1	Playford	Adelaide -North	$474,782	14.3%
2	Gawler -Two Wells	Adelaide -North	$590,250	13.7%
3	Salisbury	Adelaide -North	$582,159	13.2%
4	Tea Tree Gully	Adelaide -North	$700,396	11.5%
5	Port Adelaide -West	Adelaide -West	$691,116	11.0%
6	Onkaparinga	Adelaide -South	$663,042	9.9%
7	Port Adelaide -East	Adelaide -North	$737,926	8.5%
8	Marion	Adelaide -South	$797,606	8.3%
9	Campbelltown	Adelaide -Central and Hills	$859,213	8.2%
10	Burnside	Adelaide -Central and Hills	$1,416,110	8.2%

Top 10 capital cities SA3s with the highest 12-month value growth – Dwellings. Source: CoreLogic

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Where property prices are rebounding around the country

Interest rate rises and cost of living pressures resulted in mixed results on home values around Australia

Meta is betting on a human-first AI future, but growing legal battles and declining public trust are putting Mark Zuckerberg’s vision to the test.