CoreLogic has a high performing and timely suite of world-class property indices that have transformed the way Australian's measure and understand changes in the value of residential real estate.
CoreLogic Indices are available on a daily, monthly and quarterly basis for Australian geographic demarcations that conform with the Australian Statistical Geography Standard (ASGS) as well as non-standard boundaries such as suburbs, postcodes and council areas. These indices draw on the most comprehensive property database in Australia and are computed using advanced global index construction techniques.
CoreLogic Indices are constructed from the latest possible property sales information thereby avoiding the potential 6 to 8 week reporting lags associated with some other published indices.
CommSec's chief economist, Craig James, commented:
"The CoreLogic index has emerged as Australia's authoritative source on home price trends. The property database is Australia's largest and, unlike the Bureau of Statistics, all properties are counted, not just free-standing homes.
Application
The CoreLogic Daily Home Value Index is useful for any individual or organisation interested in:
Tracking changes in the value of a market portfolio containing all known properties (or any smaller portfolio) captured within CoreLogic’s property database due to market value changes (as opposed to changes in composition);
Trading or hedging value changes in the residential property markets; Estimating residential property valuations over time;
Measuring historical residential property risk and returns in a given suburb, city, state or nationally over any particular period of time (e.g. days, months or years);
Forecasting future residential property returns or risks in a suburb, postcode, region, city or nationally over any given period of time (e.g. months or years).
The CoreLogic Home Value Index is leveraged by:
- Mortgage lenders
- Mortgage insurers
- Participants in the media
- Commonwealth, State and Local Governments
- Universities and other tertiary education
- Economists and consultants
- Investment bankers
- Fund managers
- Super funds
- Derivatives traders
- Listed property investors
- Property developers
- Building materials suppliers
- Existing or potential home owners & investors
- Policy makers
- Potential home/investment property buyers
- Mortgage brokers
Contact us
For more information on how our research team can help you call 1300 734 318 or enquire with us and one of our consultants will contact you.
The patented CoreLogic Home Value Index can be produced for various geographic demarcations, anywhere from suburb to national.
It can also be produced across all properties or divided between property types such as units and houses. The CoreLogic Home Value Index is the benchmark index produced by CoreLogic and defines a new global standard in index construction, there are three “classes” of CoreLogic Indices produced:
The patented CoreLogic Home Value Index can be produced for various geographic demarcations, anywhere from suburb to national.
It can also be produced across all properties or divided between property types such as units and houses. The CoreLogic Home Value Index is the benchmark index produced by CoreLogic and defines a new global standard in index construction, there are three “classes” of CoreLogic Indices produced:
The first class of index, known as the “hedonic” model, had not been commercially produced in Australia prior its introduction by CoreLogic. The CoreLogic Home Value Index is a hedonic model. This index utilises comprehensive information on the attributes and characteristics of residential properties (such as location, land size, and bedrooms) to measure “quality-adjusted” changes in property value over time and to also impute the value of dwellings having a certain set of characteristics (but no current sales price) by observing the sales prices and characteristics of other dwellings which have recently been observed as selling.
The hedonic method has the advantage that it utilises attribute (or characteristic) information of each dwelling to help mitigate biases that are otherwise prevalent in median and repeat sales property price indices. Another important advantage of a hedonic imputation index is that its calculation frequency can be daily and that it tracks the value of an entire portfolio of property, not just the prices of properties observed to sell in a given period.
All of CoreLogic’s hedonic indices, as well as any other products based on the hedonic methodology, are revised each month for 12 months inclusive following the initial reported date. This revision ensures the longevity of the historical index values by incorporating all relevant transactions into historical figures as they become available.
The second class of indices CoreLogic has produced are based on a median and “stratified” median price series. Stratification is a process for creating subsets of houses which are qualitatively similar. Unique price series are created for these subsets which are then aggregated to estimate suburb-adjusted price movements in the overall market. The strata definitions used to classify properties into subsets are based on price, geography, and interactions of these variables. The stratified median index that CoreLogic produces for units and apartments, groups suburbs by their long-term median transaction price. The stratified median index that CoreLogic produces for houses groups suburbs by their long-term price to land size ratio.
Median and stratified median indices are simple to calculate and provide the price of the middle ranking property observed to sell in a given measurement period. Further, rather than selecting the 50th percentile (ie, the median) from whatever properties are observed to sell over a particular measurement period, other percentiles such as the 25th or 75th percentile can equally be selected using the same method so as to create other percentile series.
The major shortcoming of median (or any other selected percentile) price series is that they do not represent changes in the value of the residential property market portfolio. Median prices do not track the same properties through time. In fact, it is highly unlikely that any of the properties observed selling in one period will be the same as the properties selling in the next measurement period when examining quarterly or monthly median price series. By way of example, in one period the median priced house observed may happen to be a three bedroom home and in the next period it may be a four bedroom home. Further, in order to provide useful statistics, one needs to aggregate a sufficiently large numbers of property sales over what can be long periods of time. As such, the publication frequency of median price series is often limited to quarterly, although CoreLogic do offer a monthly median series.
The fact that median or other percentile based series cannot be used to track changes in value of a market portfolio does not make them wrong: it is simply that they have different applications than hedonic indices. For example, median price series are useful in answering economic policy questions relating to housing affordability.
The third type of index estimates the performance of the market by analysing the returns on individual properties for which there are at least two observed sales prices, each at different points in time.
Repeat sales indices seek to control for changes in the composition of properties selling in different periods without requiring any property attribute data (other than address). They do this by only examining properties which have two separate sales records.
The disadvantage of repeat sales indices is that: (i) they only cover between 30% and 50% of the properties in a given city; (ii) new properties cannot be accounted for (and neither can old properties for which there is no prior sales information on record); (iii) improvements to properties cannot be explicitly accounted for; and (iv) there is potential significant sample selectivity bias toward more frequently traded properties (eg, apartments or lower value homes may trade more or less frequently than higher value homes).
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For more information on how our research team can help you call 1300 734 318 or enquire with us and one of our consultants will contact you.
The hedonic regression model is a method used to calculate the patented CoreLogic Home Value Index.
This methodology seeks to overcome the issue of compositional bias associated with median price and repeat sales measures. The premise for this lies in hedonic theory which says that the value of a composite good, such as a house, is the sum of its components. Thus, by separating the sample of houses into their various structural and locational attributes, the differences in these qualitative factors across houses can be controlled.
Hedonic imputation is a method of imputing the value of dwellings having a certain set of characteristics (but no current sales price) by observing the sales prices and characteristics of other dwellings that do have recent sales prices. To learn more about the methodology used in the CoreLogic Home Value indices please refer to the following studies, which have been published in the interests of transparency:
Methodology CoreLogic Indices FAQ's
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For more information on how our research team can help you call 1300 734 318 or enquire with us and one of our consultants will contact you.
CoreLogic daily home value index
QTR ON QTR
YR ON YR
*incl Gold Coast
Daily indices
The patented CoreLogic Daily Home Value Index is part of the suite of housing market indices produced by CoreLogic. Since the launch of Hedonic Home Value Indices in 2007, CoreLogic established a new quality benchmark for accurately measuring value changes across the Australian housing market.
The CoreLogic Daily Home Value Index aims to measure daily movements in the value of Australian housing markets. Rather than relying solely on transacted sale prices to provide a measure of housing market conditions, the CoreLogic Daily Home Value Index is based on a ‘hedonic’ methodology which includes the attributes of properties that are transacting as part of the analysis.
Understanding factors such as the number of bedrooms and bathrooms, the land area and the geographic context of the property allows for a much more accurate analysis of the true value of movements across specific housing markets. This method also allows for compositional change in consumer buying patterns when measuring capital gains.
The CoreLogic Daily Home Value Index provides daily capital growth measurements for all dwellings, including both houses and units. The index results are released daily for Sydney, Melbourne, Brisbane (including Gold Coast), Adelaide, Perth and the combined capitals, which is a composite of these cities. Historical back series are available on a subscription basis.
All of CoreLogic’s hedonic indices such as the CoreLogic Daily Home Value Index, as well as any other products based on the hedonic methodology, are revised each month for 12 months inclusive following the initial reported date. In the case of the reported daily indices, these are revised along with the standard month end indices. Each day’s result is not directly recalculated, but results across the month are adjusted for the daily series to be inline with the monthly results.
Contact us
For more information on how our research team can help you call 1300 734 318 or enquire with us and one of our consultants will contact you.
Copyright and disclaimer notices for research reports
In compiling this publication, RP Data Pty Ltd trading as CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information.
* Note: Index values for Canberra, Hobart, Darwin and Brisbane excluding Gold Coast, can be found in Monthly Movements. Qtr and Yr changes are rolling 3 & 12-month respectively. Day-to-day movements in the daily CoreLogic Home Value Index can be impacted by a variety of factors including the flow of transaction data and market events. We urge caution in interpreting daily movements of the index and recommend utilising the daily series to update market trends rather than emphasising short term movements. Use of the daily CoreLogic Home Value Index is subject to the CoreLogic Disclaimers located at: https://www.corelogic.com.au/about-us/copyright-disclaimer.
Queensland Data
Based on or contains data provided by the State of Queensland (Department of Resources) 2024. In consideration of the State permitting use of this data you acknowledge and agree that the State gives no warranty in relation to the data (including accuracy, reliability, completeness, currency or suitability) and accepts no liability (including without limitation, liability in negligence) for any loss, damage or costs (including consequential damage) relating to any use of the data. Data must not be used for direct marketing or be used in breach of the privacy laws; more information at www.propertydatacodeofconduct.com.au.
New South Wales Data
ContContains property sales information provided under licence from the Valuer General New South Wales. RP Data Pty Ltd trading as CoreLogic Asia Pacific is authorised as a Property Sales Information provider by the Valuer General New South Wales.
Victorian Data
The State of Victoria owns the copyright in the Property Sales Data and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth). The State of Victoria does not warrant the accuracy or completeness of the Property Sales Data and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.
South Australian Data
© 2024 Copyright in this information belongs to the South Australian Government and the South Australian Government does not accept any responsibility for the accuracy or completeness of the information or its suitability for purpose.
Western Australian Data
Information contained within this product includes or is derived from the location information data licensed from Western Australian Land Information Authority (WALIA) (2024) trading as Landgate. Copyright in the location information data remains with WALIA. WALIA does not warrant the accuracy or completeness of the location information data or its suitability for any particular purpose.
CoreLogic RP Data Daily Home Value Index: Monthly Values*
|
City |
All Dwellings |
Houses |
Units |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Index value | % Change YoY | % Change MoM | Month End Value | % Change YoY | % Change MoM | Month End Value | % Change YoY | % Change MoM | |
Monthly Movements
The CoreLogic Home Value Index is part of the suite of housing market indices produced by CoreLogic. Since being launched in 2007, the Index has established a new benchmark for measuring value changes across the Australian housing market.
The Home Value Index aims to measure month to month movements in the value of Australian housing markets. Rather than relying solely on transacted sale prices to provide a measure of housing market conditions, the CoreLogic Home Value Index is based on a ‘hedonic’ methodology which is trained on transacting properties, and then imputes a value for each observable property in an area. The imputed value takes into account the attributes of individual properties as part of the analysis.
Understanding factors such as the number of bedrooms and bathrooms, the land area and the geographic context of the property allows for a much more accurate analysis of true value movements across specific housing markets. This method also allows for compositional change in consumer buying patterns when measuring capital gains.
The Home Values Index provides monthly capital growth measurements across three broad housing types: detached houses, units and a combined dwellings index that includes both houses and units. The Index results are released on the first business day of each month and are available on a subscription basis.
All of CoreLogic’s hedonic indices, as well as any other products based on the hedonic methodology, are revised each month for 12 months inclusive following the initial reported date. This revision ensures the longevity of the historical index values by incorporating all relevant transactions into historical figures as they become available.
Contact us
For more information on how our research team can help you call 1300 734 318 or enquire with us and one of our consultants will contact you.
Copyright and disclaimer notices for research reports
In compiling this publication, RP Data Pty Ltd trading as CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information.
* Note: 5 capital city aggregate includes Sydney, Melbourne, Brisbane (inc. Gold Coast), Adelaide and Perth. Month and Year Changes are updated monthly and calculated as at the end of each calendar month respectively.
Queensland Data
Based on or contains data provided by the State of Queensland (Department of Resources) 2024. In consideration of the State permitting use of this data you acknowledge and agree that the State gives no warranty in relation to the data (including accuracy, reliability, completeness, currency or suitability) and accepts no liability (including without limitation, liability in negligence) for any loss, damage or costs (including consequential damage) relating to any use of the data. Data must not be used for direct marketing or be used in breach of the privacy laws; more information at www.propertydatacodeofconduct.com.au
New South Wales Data
Contains property sales information provided under licence from the Valuer General New South Wales. RP Data Pty Ltd trading as CoreLogic Asia Pacific is authorised as a Property Sales Information provider by the Valuer General New South Wales.
Victorian Data
The State of Victoria owns the copyright in the Property Sales Data and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth). The State of Victoria does not warrant the accuracy or completeness of the Property Sales Data and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.
South Australian Data
© 2024 Copyright in this information belongs to the South Australian Government and the South Australian Government does not accept any responsibility for the accuracy or completeness of the information or its suitability for purpose.
Tasmania
This product incorporates data that is copyright owned by the Crown in Right of Tasmania. The data has been used in the product with the permission of the Crown in Right of Tasmania. The Crown in Right of Tasmania and its employees and agents:
a. give no warranty regarding the data's accuracy, completeness, currency or suitability for any particular purpose; and
b. do not accept liability howsoever arising, including but not limited to negligence for any loss resulting from the use of or reliance upon the data.
Base data from the LIST © State of Tasmania http://www.thelist.tas.gov.au
Australian Capital Territory Data
The Territory Data is the property of the Australian Capital Territory. Any form of Territory Data that is reproduced, stored in a retrieval system or transmitted by any means (electronic, mechanical, microcopying, photocopying, recording or otherwise) must be in accordance with this agreement. Enquiries should be directed to: Manager, Customer Services Environment, Planning and Sustainable Development Directorate. GPO Box 158 Canberra ACT 2601.
Western Australian Data
Information contained within this product includes or is derived from the location information data licensed from Western Australian Land Information Authority (WALIA) (2024) trading as Landgate. Copyright in the location information data remains with WALIA. WALIA does not warrant the accuracy or completeness of the location information data or its suitability for any particular purpose.
CoreLogic RP Data: Daily Back Series
Time Series zoom: Click and drag in the graph space to view specific time series. You can also click on legend items to disable/enable.
The graph traces the past 12 months of index values for each of the major capital city and combined capital city dwelling markets. The graph is updated daily and provides a rolling 365 day view of how dwelling values have changed based on the CoreLogic Daily Home Value Index.
On the 1st day of each month the daily back series will revise for the past 12 months in line with the revision across all of CoreLogic’s Hedonic Indices. Because data from the most recent month is already up to date, it will not shift, but the 11 months prior will experience some revision.
Contact us
For more information on how our research team can help you call 1300 734 318 or enquire with us and one of our consultants will contact you.
Copyright and disclaimer notices for research reports
In compiling this publication, RP Data Pty Ltd trading as CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information.
* Note: Brisbane includes Gold Coast
Queensland Data
Based on or contains data provided by the State of Queensland (Department of Resources) 2024. In consideration of the State permitting use of this data you acknowledge and agree that the State gives no warranty in relation to the data (including accuracy, reliability, completeness, currency or suitability) and accepts no liability (including without limitation, liability in negligence) for any loss, damage or costs (including consequential damage) relating to any use of the data. Data must not be used for direct marketing or be used in breach of the privacy laws; more information at www.propertydatacodeofconduct.com.au.
New South Wales Data
Contains property sales information provided under licence from the Valuer General New South Wales. RP Data Pty Ltd trading as CoreLogic Asia Pacific is authorised as a Property Sales Information provider by the Valuer General New South Wales.
Victorian Data
The State of Victoria owns the copyright in the Property Sales Data and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth). The State of Victoria does not warrant the accuracy or completeness of the Property Sales Data and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.
South Australian Data
© 2024 Copyright in this information belongs to the South Australian Government and the South Australian Government does not accept any responsibility for the accuracy or completeness of the information or its suitability for purpose.
Western Australian Data
Information contained within this product includes or is derived from the location information data licensed from Western Australian Land Information Authority (WALIA) (2024) trading as Landgate. Copyright in the location information data remains with WALIA. WALIA does not warrant the accuracy or completeness of the location information data or its suitability for any particular purpose.
CoreLogic’s Unimproved Land Value Index is a measure of the change in underlying land values for detached housing for various geographic demarcations. Unimproved land value (also referred to as Unimproved Capital Value) is the estimated value of the underlying land which a property is built upon, excluding any improvements on the land such as the dwelling itself and other structures (e.g., swimming pools, carports, etc.). This is distinct from the market value of the property which accounts for both the improvements as well as the unimproved land. Leveraging a similar hedonic methodology as the Home Value Index, CoreLogic’s Unimproved Land Value Index is derived from a statistical analysis of observed market transactions of residential houses. The model is optimised to control for the contribution of various attributes to changes in observed market sales prices by factoring only the land area and location attributes to the hedonic model.
Unimproved Land Values are typically used by local councils and state governments to assess various rates and taxes. While each jurisdiction will assess the Unimproved Land Value of individual properties differently, CoreLogic’s Unimproved Land Value Index serves as an additional point of reference for real estate industry observers to monitor how the overall market is changing over time. As CoreLogic’s indices are a statistical assessment of broader market activity, these indices should not be used as a substitute to formal valuations conducted by a registered valuer, and are best used as a supplementary indicator. As commissioned by the respective local councils, CoreLogic has generated the following Unimproved Land Value indices for public reference.
Contact us
For more information on how our research team can help you call 1300 734 318 or enquire with us and one of our consultants will contact you.
Copyright and disclaimer notices for research reports
In compiling this publication, RP Data Pty Ltd trading as CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information.
* Note: Brisbane includes Gold Coast
Queensland Data
Based on or contains data provided by the State of Queensland (Department of Resources) 2024. In consideration of the State permitting use of this data you acknowledge and agree that the State gives no warranty in relation to the data (including accuracy, reliability, completeness, currency or suitability) and accepts no liability (including without limitation, liability in negligence) for any loss, damage or costs (including consequential damage) relating to any use of the data. Data must not be used for direct marketing or be used in breach of the privacy laws; more information at www.propertydatacodeofconduct.com.au.
New South Wales Data
Contains property sales information provided under licence from the Valuer General New South Wales. RP Data Pty Ltd trading as CoreLogic Asia Pacific is authorised as a Property Sales Information provider by the Valuer General New South Wales.
Victorian Data
The State of Victoria owns the copyright in the Property Sales Data and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth). The State of Victoria does not warrant the accuracy or completeness of the Property Sales Data and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.
South Australian Data
© 2024 Copyright in this information belongs to the South Australian Government and the South Australian Government does not accept any responsibility for the accuracy or completeness of the information or its suitability for purpose.
Western Australian Data
Information contained within this product includes or is derived from the location information data licensed from Western Australian Land Information Authority (WALIA) (2024) trading as Landgate. Copyright in the location information data remains with WALIA. WALIA does not warrant the accuracy or completeness of the location information data or its suitability for any particular purpose.