CANBERRA, AAP – Growth in house prices went up a notch during the seasonally quiet January holiday period, but nowhere as fast as a year ago.
The CoreLogic national home value index rose 1.1 per cent in January, for an annual rate of 22.4 per cent, the highest level since June 1989.
In approximate dollar value terms, the typical Australian home is now worth $131,236 more than it was a year ago.
“The early indication is that housing markets are starting 2022 with a similar trend to what we saw through late last year. Values are still broadly rising, but nowhere near as fast as they were in early 2021,” CoreLogic’s research director Tim Lawless says.
“A softening in growth conditions has been influenced by less government stimulus, worsening affordability, rising fixed term mortgage rates and, more recently, a slight tightening in credit conditions, and a surge in new listings through the final quarter of last year.”
Continuing a pattern seen over recent months, the January results showed greater diversity, with Brisbane prices up 2.3 per cent and Adelaide rising 2.2 per cent, while Sydney rose by 0.6 per cent and Melbourne just 0.2 per cent.
Regional markets have again shown a substantially stronger result for housing values, with the combined regionals index up 1.8 per cent over the month.
Similar to the capital cities, it was regional Queensland up 2.0 per cent and regional South Australia rising 2.1 per cent that led the pace of growth over the month.
CORELOGIC NATIONAL HOME VALUE INDEX FOR JANUARY
National – up 1.1 per cent per cent, up 22.4 per cent
Sydney – up .0.6 per cent per cent, up 25.5 per cent
Melbourne – up 0.2 per cent, up 14.9 per cent
Brisbane – up 2.3 per cent, up 29.2 per cent
Adelaide – up 2.2 per cent, up 24.8 per cent
Perth – up 0.6 per cent, up 11.2 per cent
Hobart – up 1.2 per cent, up 27.6 per cent
Darwin – up 0.5 per cent, up 12.6 per cent
Canberra – up 1.7 per cent, up 25.5 per cent
Combined capitals – up 0.8 per cent, up 21.3 per cent
Combined regional – up 1.8 per cent, up 26.1 per cent