Housing values continue to rise as growth trends converge across the capital cities

Australian dwelling values rose another 0.5% in May, taking the national index 1.7% higher over the first five months of the year.

The gains were broad-based, with every capital city posting a rise of at least 0.4% through the month.

“The continued momentum we’re seeing across almost all markets is no doubt being fuelled by rate cuts – both those that have already happened, but also potential cuts in the coming months,” said Tim Lawless, Cotality’s research director, who also noted that auction clearance rates have picked up following the RBA’s May board meeting.

The rise in values comes after a short and shallow decline of just 0.4% over the three months ending January 2025, with the February rate cut a key factor supporting the positive turn in housing values.

“With interest rates falling again in May, we are likely to see a further positive influence flowing through to housing values in June and through the rest of the year.”

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Source - Corelogic