CoreLogic’s October Home Value Index

Property Prices ChangingThe Central Coast has seen record price increases across all sectors of the market in the period leading up to the first quarter of 2022. The current residential property market has now reverted to an “easing market” following the recent boom conditions. Having regard to the ongoing effects of the coronavirus pandemic, current rising inflation and interest rates (noting recent consecutive increases), there is increasing evidence of a downward price correction occurring in the current market.

According the CoreLogic “Australia’s housing market has been in a downswing for half of a year, with CoreLogic’s October Home Value Index (HVI) marking six months of national value falls.

Over the month property values declined -1.2% nationally, however the rate of declines remain diverse. Across the capital cities the monthly change ranged from a -2.0% drop in Brisbane to just a -0.2% slip in Perth. Meanwhile the pace of falls has been easing across Sydney (-1.3%) and Melbourne (-0.8%) but has gathered momentum in Brisbane. Darwin home values fell into negative territory for the first time since November 2021 (-0.8%).”