House prices are still rising, but at a less frantic pace: Corelogic

The value of Australian property has jumped higher once again according to new data, though the rate of increase has slowed down compared to previous months.
Corelogic’s latest national home value index reveals that while national housing values increased by 1.8% during April, that figure is down on the results from March (2.8%) and February (2.1%).
As Corelogic research director, Tim Lawless, explains, the rate of growth in recent months - particularly that seen in March, which was the fastest in 32 years - was not sustainable.
“The slowdown in housing value appreciation is unsurprising given the rapid rate of growth seen over the past six months, especially in the context of subdued wages growth,” he said.
“With housing prices rising faster than incomes, it’s likely price sensitive sectors of the market, such as first home buyers and lower income households, are finding it harder to save for a deposit and transactional costs.”
That shift in first home buyer activity was borne out in today’s March lending indicators from the Australian Bureau of Statistics’ (ABS), as first home loan commitments fell for a second consecutive month.
While loan commitments dropped by 3.1% in March to $15.6 billion, it’s worth noting that they remain at levels not recorded since 2009.
Smaller cities, regional areas top annual growth
Drilling down into the capital cities, Sydney recorded one of the largest home value increases once again this month (up 2.4%) while Melbourne values rose by 1.3%.
It was Darwin that recorded the highest month-on-month growth rate though, up 2.7% in April. That latest increase adds to what has been a significant turnaround for the Darwin market, which, at present, has the highest annual home value growth rate in the country (15.3%) according to the Corelogic index.
Australian home value changes - Corelogic Home Value Index (May 2021)
Monthly | Annual | Median value | |
Sydney | 2.4% | 7.5% | $950,457 |
Melbourne | 1.3% | 2.2% | $744,667 |
Brisbane | 1.7% | 8.3% | $558,295 |
Adelaide | 2.0% | 10.3% | $492,285 |
Perth | 0.8% | 6.7% | $513,598 |
Hobart | 1.0% | 13.8% | $561,254 |
Darwin | 2.7% | 15.3% | $465,976 |
Canberra | 1.9% | 14.2% | $734,107 |
Combined regional | 1.9% | 13.0% | $457,938 |
National | 1.8% | 7.8% | $624,997 |
As Lawless points out and the table above demonstrates, Darwin’s resurgence is part of a wider trend which has played out in Australia’s smaller capitals.
Adelaide, Canberra, Darwin and Hobart are the only capital cities which have an annual growth rate above 10% which Lawless says is, in part, a reflection of the smaller impact that COVID has had on those markets.
Corelogic’s annual house value growth figure of 13% for ‘combined regional’ areas also demonstrates the continued surge in popularity among home buyers outside of cities during the COVID period.
In fact, according to Domain’s latest House Price Report, regional New South Wales’ towns like Byron Bay and Kiama have both broken through the $1 million median house price mark in recent months - prices which have been fueled, in part, by COVID-inspired sea changes.
RELATED: May home loan snapshot: Longer term fixed rates are rising
Thinking about making a property market move of your own in the near future? Finding your ideal home is one thing, but you’ll probably need the help of a home loan to make that dream a reality.
To compare a range of offers from a variety of lenders side-by-side on everything from fees and features to interest rates, head on over to our handy home loan comparison tables. Or get started straight away by checking out some of the competitive rates below.
Compare home loans - last updated 21 May 2022
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Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment2.10% p.a.variable for 24 months and then 2.50% p.a. variable2.46% p.a.New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
CompareCompareSmart Booster Home Loan
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
- interest rate
- 2.10% p.a.variable for 24 months and then 2.50% p.a. variable
- comparison rate
- 2.46% p.a.
- interest rate
- 2.10% p.a.variable for 24 months and then 2.50% p.a. variable
- comparison rate
- 2.46% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Smart Booster Home Loan
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Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment1.89% p.a. variable1.90% p.a.Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
CompareCompareNeat Home Loan
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- interest rate
- 1.89% p.a. variable
- comparison rate
- 1.90% p.a.
- interest rate
- 1.89% p.a. variable
- comparison rate
- 1.90% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $80,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Neat Home Loan
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Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment2.14% p.a. variable2.14% p.a.Rates have moved in line with RBA. Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
CompareCompareCelebrate Variable Home Loan
Rates have moved in line with RBA. Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
- interest rate
- 2.14% p.a. variable
- comparison rate
- 2.14% p.a.
- interest rate
- 2.14% p.a. variable
- comparison rate
- 2.14% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
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Basic Home Loan
Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment2.39% p.a. variable2.39% p.a.Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
CompareCompareBasic Home Loan
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
- interest rate
- 2.39% p.a. variable
- comparison rate
- 2.39% p.a.
- interest rate
- 2.39% p.a. variable
- comparison rate
- 2.39% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
Read our Mozo Review to learn more about the Basic Home Loan
-
Mozo experts choice awards won:
- Best New Home Loan - 2022
- Low Cost Home Loan - 2022
Variable Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment2.24% p.a. variable2.24% p.a.Purchase and Refinance. No upfront or ongoing fees. Fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet. 20% deposit or equity required. Mozo Experts Choice winner for Best New Home Loan and Low Cost Home Loan 2022. 18 years and over.
CompareCompareVariable Home Loan
Purchase and Refinance. No upfront or ongoing fees. Fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet. 20% deposit or equity required. Mozo Experts Choice winner for Best New Home Loan and Low Cost Home Loan 2022. 18 years and over.
- interest rate
- 2.24% p.a. variable
- comparison rate
- 2.24% p.a.
- interest rate
- 2.24% p.a. variable
- comparison rate
- 2.24% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes - offset sub account
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,500,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
Read our Mozo Review to learn more about the Variable Home Loan
-
Mozo experts choice awards won:
- Low Cost Home Loan - 2022
Variable Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment2.09% p.a. variable1.99% p.a.$5000 refinance cashback. Owner-occupier refinancers only living in NSW/VIC/SA metro and inner regional areas. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. T&Cs apply.
CompareCompareVariable Rate Home Loan
$5000 refinance cashback. Owner-occupier refinancers only living in NSW/VIC/SA metro and inner regional areas. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. T&Cs apply.
- interest rate
- 2.09% p.a. variable
- comparison rate
- 1.99% p.a.
- interest rate
- 2.09% p.a. variable
- comparison rate
- 1.99% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- Receive $5000 cashback for Owner Occupier Refinancers only in eligible areas only.
Read our Mozo Review to learn more about the Variable Rate Home Loan
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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