Wed, 06 Dec 2023

SYDNEY, Oct. 2 (Xinhua) -- Australia's home value index (HVI) rose 0.8 percent in September, slightly higher than the revised 0.7-percent rise seen in August, said the latest report issued by property consultation firm CoreLogic on Monday.

The national home values in the September quarter rose 2.2 percent as compared with that of the previous quarter, easing from the 3-percent growth in the June quarter. It reflects a slowdown as advertised stock levels rose and helped take some heat out of the market, said the report.

Since finding a trough in January, the national index has recovered by 6.6 percent, it said, adding that although the home values remain 1.3 percent below record highs seen in April last year, the country's housing recovery remains entrenched.

"At the current rate of growth, we are likely to see the national HVI recover to a new nominal high by the end of November," said research director of CoreLogic Asia Pacific, Tim Lawless.

Among major cities, the housing prices in Perth and Adelaide have already hit new record highs, and Brisbane is set to follow in October, with the home values currently only 0.6 percent below the previous peak, said Lawless.

However, Hobart and Canberra may have the furthest to go before staging a nominal recovery, with dwelling values remaining 12.4 percent and 7 percent, respectively, below their cyclical highs from last year, he noted.

The outlook for national housing values remains positive, albeit with some risks of a slowdown, said the report. Risks may come from the advertised supply levels, the higher living costs for households, a softer economy amid rising interest rates and housing undersupply, it added.

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