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Property Update - April 2022

Monthly highlights

  • The combined value of residential real estate in Australia climbed to $9.9 trillion at the end of March, up from $9.8 trillion in the previous month.

  • Dwelling values in Australia are 18.2% higher over the past 12 months, which is the first time the annual rate of growth has slipped below 20% since August 2021.

  • The highest annual growth rate in dwelling values among the regional and capital city dwelling markets was across Brisbane, at 29.3%. The lowest rate of appreciation in values was across Perth and Regional NT, which each saw a 7% rise over the year.

  • Lower value segments continue to firmly lead growth. In the three months to March. In the three months to March, capital city homes saw upper quartile values rise 0.5%, compared to 3.3% across the lowest quartile of values.

  • Sales volumes rose 20.8% in the 12 months to March, to an estimated 603,006. Sales volumes were an estimated 125,609 through the March quarter, which is 12.2% higher than the previous 5-year average for Q1.

  • At the national level, properties are taking slightly longer to sell. In the three months to March, the median days on market was recorded at 32, up from a recent low of 21 days in the three months to December.

  • Discounting levels are still close to record lows, reflecting strong selling conditions. Vendor discounting has deepened slightly across the combined capital city market in recent months, from 2.8% in May 2021.

  • More advertised stock is being added to the market than usual. At the national level, the four weeks to April 3rd saw new listings trend 10.2% higher than the equivalent period of 2021.

  • At the national level, total listings remain well below the average for this time of the year, as high sales volumes have helped absorb advertised stock. Despite this, total stock levels are showing a very gradual upward trend.

  • Clearance rates averaged 68.0% in the four weeks to March 27th, down from 81.0% in the equivalent period of 2021. Clearance rates are expected to trend lower amid softer housing value growth.

  • In the year to March, Australian rent values increased 8.7%, down from a recent cyclical high of 9.4% in the 12 months to November. However, annual growth rates have stabilized over March as monthly momentum picked up to a growth of 1.0%.

  • Dwelling approvals showed a strong bounce-back through February, driven by a large increase in unit approvals. The gap between house and unit approvals through February 2022 reached its lowest level since February 2020.

  • Lending for property purchases declined -3.7% in the month of February with lending to first home buyers falling -9.7% and lending for investment purchases declining -1.8%. 

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