Monthly Housing Chart Pack - November 2022

• The combined value of residential real estate in Australia fell to $9.5 trillion at the end of October, down from $9.6 trillion in the previous month.

• Dwelling values in Australia are -0.9% lower over the past 12 months, marking the first annual decline since October 2019.

• While the housing market downswing has become more broad-based, the monthly rate of decline slowed to -1.2%, from -1.4% through September.

• The highest annual growth rate in dwelling values among the regional and capital city markets was across Regional SA, at 20.4%. The lowest rate of change in values was across Sydney, down -8.6% over the year.

• Sales volumes are trending lower as buyer demand slows. CoreLogic estimates that in the 12 months to October, there were 551,981 sales nationally, down -9.3% compared to the previous year.

• At the national level, properties are taking longer to sell. In the three months to October, the median days on market was 36, up from a low of 20 days over the three months to November 2021.

• Similarly, vendor discounting has also increased from the recent low of -2.9% recorded in the three months to November last year. In the three months to October, the median vendor discount at the national level was -4.3%.

• In the four weeks to November 6, new listings volumes trended higher. At 38,438 newly advertised properties added for sale, the new listings trend is showing a slight seasonal uplift. However, new listings volumes remain low relative to previous years.

• At the national level, total listings were fairly steady through October. Advertised stock levels remain low compared to previous years, in part due to the subdued flow of new listings.

• The combined capital cities clearance rate steadied through October, averaging 59.5% in the four weeks ending November 6. This is down from 78.5% in the equivalent period of 2021.

• Rental value growth remains high across Australian dwellings, but the annual growth in house rents has shown signs of moderating. Unit rent values have seen increased momentum, rising 12.4% in the past 12 months. Across all dwellings, this resulted in an annual rental growth rate of 10.0%.

• Housing finance secured totaled $25.1 billion in September. The value of secured housing finance fell -8.2% in the month, taking new housing finance -22.4% lower than a recent peak in May. Investor finance fell -6.0%, compared with a -9.3% fall in owner occupied lending in September.

• The RBA increased the underlying cash rate target a further 25 basis points through November. The Board reiterated further increases in the cash rate ahead, as it remains ‘resolute’ in returning inflation to target.

Source

corelogic.com.au | 10/11/2022