Housing downturn gathering momentum in Melbourne and Sydney

RESIDENTIAL PROPERTY

THE national upswing in home values is “all but over”, with Australia seeing its weakest price growth result since the beginning of last year amid a rebalancing of supply and...

Prices in Sydney fell by 0.2% and in Melbourne by 0.4% in November, meaning the major cities record spring selling season falls of 0.5% and 1.0% respectively, according to...

Rolling quarterly house price growth was again strongest in Perth (up by 3.0%) – albeit the softest three-month rise since April – followed by Adelaide (2.8%) and...

House prices in the capitals lifted 0.1% in the month and are 0.3% higher year-on-year. For regional locations, those figures are at 0.3% and 1.1% respectively...

Weaker housing conditions in spring were accompanied by a rebalancing in available supply as vendor activity lifted. Capital city listings were up 16% since the end of winter, with...

Sydney and Melbourne listings are now tracking 10.4% and 9.1% above their previous respective five-year averages, to be at their highest level for this time of the year since 2018...

Purchasing activity is “winding down” at the same time, and the combined capitals auction clearance rate has held below the 60% mark since mid-October...

The outlook for housing markets has “arguably deteriorated” over the past month, CoreLogic said, with core inflation holding high, labour markets holding tight, and the chances of...

High mortgage rates and soaring prices have driven housing affordability to its worst level on record, as Australians work overtime, take on second jobs, and...

SQM Research’s latest Boom & Bust report offered a base case strong population growth, no inflationary outbreak and up to two interest cuts, which...

Rent growth slowing down, too

CoreLogic’s national rental index continued its relatively flat run of growth, rising 0.2% in November to be 5.3% higher over the past 12 months – its smallest annual change since...

Lower population growth, especially less net overseas migration, and a gradual recovery in the average household size have both moderated rental demand. A trend towards...

According to the latest data from PropTrack, the national vacancy rate was up 0.19% over October to 1.36%, reaching its highest point since July 2023, however still...

Gross rental yields have firmed, holding in the high 3.6% range since August. Sydney continues to record remarkably low gross rental yields at just 3.0% across all dwellings...

Related stories

Related stories

______________________________

Connect with us: