CoreLogic’s daily dwelling values index rose another 0.19% in the week ended 14 September – the 28th consecutive weekly increase:
The weekly rise was broad-based with all major capital cities registering increases; although Brisbane (0.35%) was easily the leader:
Since bottoming on 7 February 2023, home values have risen by 6.8% at the 5-city aggregate level, with Sydney (9.4%) and Brisbane (6.7%) recording the strongest growth:
However, quarterly growth has moderated, down to 3.0% at the 5-city aggregate level:
Brisbane is leading quarterly growth at 4.2%, followed by Sydney and Adelaide at 3.5%:
Clearly, the flood of for sale listings is beginning to weigh on home prices.
CoreLogic’s latest chart pack showed that “new listings trended 16.5% higher through winter relative to the end of Autumn, which is unusual for this time of year”.
“New listings are now slightly higher than the historic five-year average”:
Auction volumes have also surged with volumes up 19% year-on-year last week. This delivered a final clearance rate of just 65.8% at the combined capital city level:
The recent decline in auction clearances is also pointing to softer capital city price growth:
With 2,436 homes scheduled to go under the hammer this weekend, the combined capitals are expected to hold the biggest auction week since early April and the second busiest weekend of the year.
Volumes this weekend will be 7.1% higher than last weekend (2,275) and 10.6% higher than the 2,203 auctions held last year.
This weekend’s auction data will provide a timely test of the market as the spring selling season continues to ramp up.
