Short, sharp, stats & updates on what’s happening in Adelaide’s residential sales market for February 2024.
According to the latest CoreLogic report, Australia’s housing market continued its upward trajectory in the first month of 2024, with CoreLogic’s national Home Value Index (HVI) showing a 0.4% increase in January. This marks the 12th consecutive month of value rises, with improvements from the 0.3% increases in November and December.
Adelaide stands out prominently among the capitals, with a notable 1.10% increase this month. This robust growth surpasses the national average and reflects the city’s resilience.
A noteworthy trend in January is that the regional markets are now displaying a stronger trend in value growth relative to the capital cities. The combined regional index rose by 1.2% over the rolling quarter, outperforming the 1.0% rise across the combined capitals index. Notably, regional markets in Western Australia, South Australia, and Queensland continue to record a slower pace of growth compared to their capital city counterparts.
In the realm of monetary policy, the RBA board kept the cash rate on hold at 4.35%, a decision aligned with expectations given low inflation figures and other economic indicators. The RBA’s cautious approach, despite not ruling out further rate hikes, is in response to weak retail trade outcomes and a softening in economic activity. (CoreLogic, 2024)