CoreLogic has released its dwelling value results for September, with its national home value index rising another 1.5% in September, taking Australian housing values 17.6% higher over the first nine months of the year and 20.3% higher over
the past 12 months:
As shown above, every major market recorded value growth over the month, quarter and year.
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Annual growth was also the fastest since June 1989.
Both capital cities and the regions are experiencing strong growth:
The next graphic summarises the changes in growth across the markets:
Price continue to be pushed up by a dearth of stock. Listings continue to run 28.1% below the five year average:
Whereas sales volumes continue to run hot:
According to Tim Lawless at CoreLogic, such low levels of available supply along with high demand is keeping selling conditions skewed towards vendors:
“Nationally, homes are selling in 35 days, up from 29 days in April, and vendor discounting levels remain around record lows at – 2.8%. Another factor pointing to strong selling conditions is the bounce back in auction clearance rates as restrictions relating to one-onone property inspections were eased mid-month across Melbourne and Canberra. By the end of September, the combined capitals clearance rate had returned to 80.5%, its highest since late March.”
CoreLogic expects dwelling value growth to continue, but at a slowing pace due to:
- Worsening affordability;
- The potential for tighter credit conditions as macro-prudential mortgage curbs are introduced;
- A likely increase in advertised stock levels.
Hard to disagree.
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