Australia's housing market continues its upswing into 2024, as the national home value index by CoreLogic rose 0.4% in January, marking the 12th consecutive month of increases.
While Melbourne, Hobart, and Canberra experienced subtle declines (-0.1%, -0.7%, and -0.2%, respectively), Perth, Adelaide, and Brisbane saw values rise at a monthly rate of 1% or more.
Perth stands out with a persistent rapid rate of capital gains, recording a 1.6% increase in January. Despite a 16.7% year-over-year rise, housing prices in Perth remain relatively affordable.
The gap between median capital city house and unit values reached a record high of 45.2% in January.
Regional markets show stronger value growth compared to capital cities, with a 1.2% increase in the combined regional index over the rolling quarter.
Home sales volume remains slightly above average, with 115,241 dwellings sold in the three months ending January, 11.9% higher than the same period last year.