“If a tree falls in a forest and no one is around to hear it, does it make a sound?”
CoreLogic has mysteriously pulled its daily dwelling values index, sighting low transaction volumes because of COVID-19:
Due to the evolving COVID-19 situation, CoreLogic will suspend the daily online publication of the Hedonic Home Value Index, as we continue to observe material reductions in the volume of property transactions underpinning the index, creating additional volatility in the daily reading. A robust volume of timely sales evidence is a critical component of accurately estimating the value of residential properties. The monthly results of the index will continue to be reported, but should be interpreted with some caution until transactional activity returns to more normal levels.
That’s one way to obscure the falling housing market.
- Final auction clearance rates bounce off thin volumes - May 28, 2020
- ABS: 72% of businesses suffer COVID-19 revenue falls - May 28, 2020
- Australia’s regions hit hardest by COVID-19 job losses - May 28, 2020
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Yep, they’ve taken a leaf out of the ABS and their unemployment index, or the RBA and their inflation measure. Time for some numberwang!
The index will be back, perhaps it will use AI or machine learning to pump up the numbers? AI is great, as you can always blame the machine.
While the lights are out will be the perfect time to make all the right hedonistic adjustments to make the thing run even better in the future.
It’s safety 101 – avoid working on live machinery if at all possible. It’s the responsible thing to do.
weasel is gonna weasel:
https://i.imgflip.com/4244zd.jpg
Oh no. Wasn’t the hedonic daily index one of Mr Joye’s great gifts to the Australian people?
The world’s most advanced daily house price index™
haha – FIGJAM JOYE!
Let him burn (as a great person once said)
Ha! They’ll pull the auction clearance rates next citing low volumes.
How many countries in the world have a daily
property price index ?
only the ones that go “Full Tropic Thunder” for propertology
Never go Full Tropic Thunder.
Yes apparently Sean Penn did… LOL
In other words, it was fine when prices were still rising on low volumes because everyone knows prices always go up. However, it seems prices are now falling on low volumes therefore these low volumes obviously present a problem to the data.
There’s so much cynicism around these days.
I wonder why that is.
I jumped on re.com last night. I noticed that there were starting to be some noticeably lower priced properties for sale in some regional locations.
From what I hear, however, regional properties are selling fairly well.
An RE agent acquaintance in the New England (NSW) region just had his best ever April.
Think a lot of people who now have proof they can work effectively remotely are looking to bail out of Sydney and lock in a regional location. Forces the employers hand also, if they were effective working remote during covid, they will be effective working remote during ‘normality’.
there must be more to it than that, it couldn’t have happened that quickly to affect April.
Hah when the message can’t be obfuscated anymore, destroy the source. You should have the Iraqi Minister for Information picture with their logo in the background.
Daily reporting requires additional analysis, sure some cost reductions in there
The Truth is Out There, and nobody must be allowed to discover what it is because it doesn’t satisfy the narrative.
I consider this to be an indicator of falling prices.
Pretty sure yesterday’s daily were all negative, some large falls in Melbourne this week, timing is everything
correct. And Sydney was -1.1. It became clear to LieLogic they could not fudge their numbers any longer.
It’s like a scene from one of the Alien movies where the grunt’s helmet cam shows just a brief flash of horrific beast and a scream, and then everything goes black.
It would never have occurred to me to compare the sudden absence of a house price index to being eaten alive by an alien monster, but now that you mention it, that may be how some highly leveraged property
verminspeculators with giant portfolios are feeling right now.WHAT? Sydney was -1.1?
Or do you mean – 0.11? -0.11 is fine.. it was – 0.33 before and has been +0.56 before.. was it really -1.1?
-0.11.. sorry. lol
edit: few days ago had -0.3x and I thought LOLogic may shut it but next few days there were big jumps for Syd so it was fine..
I wonder what numbers looked like today for those guys to decide to turn the music off.
DEFYLogic, Christopher Joye is a FLOG without a canoe
More agents calling me today to ask if I’m still in the market (agents from houses I looked at last year).
Robust!
chez Canberra? that would be good news. my friend Lurker and I wonder if the Canberra market is unbreakable.
Yep Canberra. I’m seeing soft prices right now, some places are down 5-10% ish at the top end. I agree CBR is less susceptible to a giant crash than the bubble capitals of syd and Melb, but I am seeing softness.
i don’t really follow the sales market but there are a lot of rentals around. yay!
Same thing has been happening to me (and has never happened before)
Hopefully SQM Research will step in with a better set of measurements.
Daily property index, for fck sake…if that ain’t a red flag to how Australia has become so fixated on this i dont know what is…as ive said before, its now treated like the stock market…who cares what the daily price is of your house…get a life!…
most sales here in briz say…contact agent…price withheld
also most for sale say…for sale, priced to sell or other bs
list the fkn price!!
Agree, bloody annoying to try to analyse the markets when there is no data!!!
That of course is the intention, when you call the agent, they say it’s still a great market, prices are steady/rising……get in now before the next boom……..yada yada yada….
Plenty of articles a fortnight ago saying “no evidence that property is falling”.
Well expect three times as many of those articles now!
Look up the address at onthehouse.com.au
Quite often price will be listed there if it isn’t on realestate.com.au
Interestingly they pulled the data just as Melb QoQ growth was about to cross into negative territory. Slimy bastards
Property council Ken Morrison on 3AW now. He is king of the locusts!
Supercharge immigration via bring the students back (with testing possibly 80,000 in 2 week isolation). He called it the “welcome to Australia” program. Parasite. He also wants tradies starting at 6am and the 50K donation to newly constructed houses.
Neil Mitchel went him hard simply not believing you can turn on immigration safely in the near future.
Also he referenced the economy is only growing via migration…… he did ok on that. The 50K he basically laughed at.
It stank of desperation and was a little embarrassing as it came across as begging to open borders despite virus, and handing people cash to build unwanted houses. It has begun…with the removal of the core logic daily, they can no longer hide the collapse.
Good move by Corelogic. The daily index was clearly a risk to their brand. Low volumes is the perfect excuse to remove it and try to restore their credibility.
Hoping like hell that by the time we get to the pubication of the monthly index that….what? the upturn has begun? Then the number will either tell the story or maybe they will change the process and variables to determine the numbers?
I’m sure Chris Joye will be involved in that little snow job!
Youre Kidding right, it has been negative for a while and the Big 4 are at risk of being under capitilized if falls of 7-9% occur.
Corelogic claimed is a Bullshit AMERICAN company trying to swindle the aussie Market.
The Big 4 banks are in big trouble as I understand it and Christoper Joye was front and centre in making sure the RBA gave them $90 Billion at 0.25% for the next 3 years instead of having to tap foreign markets which would have reduced profitabililty on their rolling 90 day borrowings by around 25%. BIG 4 are PHARKED
fun times ahead. Popcorn anyone?
They removed it just when it was getting good! Oh well, looking forward to seeing the May monthly figures soon
The Crawlogic Machine is currently not available due to current circumstances. We sincerely apologise for any inconvenience caused – Uncentre Management
did I mention I love this?
*citing
Didn’t Joye say this was the best index in the world or something similarly stupid?
I hope we never see the daily come back. It just adds to the speculative way our society views housing.
The daily index is a joke anyway. They should scrap it completely. Monthly should be the minimum time scale.
By definition its already low volume. How many properties change hands every single day?
You also don’t need any “hedonic” calculation. The maths shows its designed by a committee
this is official end …
they are not even willing to fake data anymore
FVCKEN LOL.
https://twitter.com/linzcom/status/1262903946621968385
“That’s one way to obscure the falling housing market.”
Are you only now considering calling lies on Corelogic?
Don’t forget to annualise tards
Ah they made the house price falls invisible. Impressive. lol.