Home values declined by a further -1.0 per cent in January, according to CoreLogic.
The pace of decline has moderated a little, but still 1 per cent is a fair monthly decline.
All capital cities now have prices off their highs, including Adelaide and Perth (albeit only just in these cases).
There are some signs that in Sydney that the lower end of the market has begun to recover in 2023, but reduced borrowing capacities are still pushing down valuations at the higher price points.
Overall, Aussie home prices are now down -8.9 per cent from their highs, following the surprise boost of +28.6 per cent through the pandemic period.
Source: CoreLogic
Rents accelerated again in January, adding +0.7 per cent for the month, and +2.1 per cent over the quarter, with rental price growth now being driven by the inner-cities.
Source: CoreLogic
A dramatically tightening rental market is effectively now a deliberate policy setting, with large and paternalistic lending assessment buffers for landlords remaining in place despite all-time high levels of immigration.
Until that changes, expect further tightening in the rental markets.
Rental price growth is accelerating for units in particular.
Source: CoreLogic
New listings and total listings continue to track at low levels, stock listings being -24 per cent below their 5-year average (a period which itself incorporated some long lockdown periods).
You can download the full CoreLogic monthly report here.
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The Aussie ASX 200 stocks index is off to a bit of a flier this year, recapturing the 7,500 level.
