The latest home value index results from CoreLogic showed the strongest monthly rate of growth in national dwellings since August 2003. A striking feature of the current upswing is the pace at which the ‘high’ end of the market has risen in recent months.
The ‘high’ end of a market is measured by CoreLogic in its ‘tiered indices’ series. The high tier is the top 25% of property values in any given region. As of February, this refers to dwelling values at around $960,000 or higher for the combined capitals, with a typical value in the high tier around $1.2 million.
Over February, the top 25% of values in the combined capital cities jumped 2.7% in value. This was up from an increase of 0.5% in January. The high end of the market clearly led growth in values over the month. The middle 50% of dwelling values (the mid-tier) increased 1.5%, and the ‘low’ end of property values (the low tier) increased 1.2%.
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