RESIDENTIAL PROPERTY
AUSTRALIA’S houses have never been more expensive, according to new data, and while the post-COVID growth spurt in prices is slowing down, a lack of new supply will...
CoreLogic’s national Home Value Index (HVI) rose 0.6% month-on-month in November, the smallest monthly gain since the growth cycle commenced in February...
Despite the slowdown, the national HVI reached a new record high in November. After falling 7.5% from a peak in April 2022 to a trough in January, housing values have...
PropTrack’s own Home Price Index similarly shows national house prices hitting a record high in November after a 0.22% monthly gain, to sit 1.29% above their previous peak...
Multi-speed conditions have become increasingly evident across the capitals, according to CoreLogic, with three Melbourne, Hobart and Darwin all registering small declines...
CoreLogic’s research director, Tim Lawless said, “With Sydney home values slipping into negative growth over the last week of the month, we could see Sydney following...
On the flipside, Perth housing values accelerated in November, posting the largest monthly gain since March 2021 at 1.9% while Brisbane (up 1.3%) and Adelaide (1.2%) also...
Lawless said these three cities continue to show “remarkably” low levels of advertised supply while purchasing activity is holding above average levels...
“This imbalance between available supply and demonstrated demand is keeping strong upwards pressure on housing values across these markets, despite the downside...
“The Melbourne Cup day rate hike has clearly taken some heat out of the market, but other factors like rising advertised stock levels, worsening affordability and persistently low...
PropTrack’s data showed house price growth in all capital cities except Darwin, with Perth, Adelaide, Sydney and Canberra showing the highest, albeit very modest...
Eleanor Creagh, PropTrack’s senior economist, said strong housing demand, buoyed by record net overseas migration, tight rental markets, low unemployment and...
“Looking ahead, price growth is expected to continue as the positive tailwinds for housing demand and a slowdown in the completion of new homes counter the...
She said a sharp rise in construction costs and labour and materials shortages have slowed the delivery of new builds, hampering the supply of new housing...
Australian Bureau Statistics data showed a 7.5% rise in dwelling approvals in October, but numbers remain low overall. Oxford Economics Australia is forecasting...
“With dwelling approvals running at this rate and strong population growth playing through, a sustained mismatch between demand and supply for housing will...
Master Builders Australia CEO Denita Wawn has said that achieving the 1.2 million new homes built in five years as envisaged under the National Housing Accord will...
Luxury home price growth slows
Slower growth conditions across the upper quartile of Sydney and Melbourne have become increasingly prominent, according to...
“As borrowing capacity reduces, we may be seeing more demand deflected towards lower housing price points, with the broad middle of the market now...
Meanwhile, the gap between regional and capital city growth rates has converged, with both the combined capitals and combined regionals index recording a...
Regional Australia’s housing values remain 1.8% below the historic high recorded in May of 2022, with regional Victoria (down 6.7%) and regional NSW (down 5.5%) recording...