by Sanjeev Sah | Sep 19, 2023 | Market Updates

Australian home prices increased by 0.8% in August compared to July, marking the sixth consecutive monthly rise of CoreLogic’s national home value index.  

As a result, dwelling values are now up 4.9% ($34,000) since finding their floor in February. 

Every capital city except Hobart (-0.1%) saw a rise in dwelling values over the month as a lack of advertising listings continued to put upward pressure on prices (see image).  

CoreLogic research director Tim Lawless said that the property markets’ recovery was widespread. However, he noted that house prices in capital cities are generally rising faster than unit prices 

“Most cities are showing a larger rise in house values compared with units, however Sydney stands out with the most significant difference through the recovery cycle to-date, possibly due to the more substantial decline in house values which fell by -15.0% through the recent downturn,” he said.