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Property Update - August 2023

Monthly highlights

  • CoreLogic estimates put the combined value of residential real estate at $9.9 trillion at the end of July.

  • National home values rose 2.9% in the three months to July, the highest quarterly movement since January. However, monthly growth slowed to 0.7% from 1.1% in June.

  • The combined capital cities dwelling market value rose 0.8% in July, easing from a 1.2% lift in June. Monthly increases across the combined capitals surpassed a 0.2% lift in the combined regional market over the month.

  • CoreLogic estimates there were 39,064 sales in July nationally, compared to a historic five-year average of 40,120 for the month of July. The six-month moving trend suggests sales volumes are stabilising, despite being down from recent highs in 2021.

  • The amount of time it takes to sell property trended slightly higher through the three months to July, with the median days on market edging higher to 34 days. This was up from a recent low of 30 days in the three months to April.

  • At the median level, vendors are now offering less of a discount on their property. The median vendor discount nationally was -3.9% in the three months to July, up from a recent low of -4.4% at the end of last year.

  • In the four weeks to July 30, new listings totaled 33,616 nationally. New listings trended slightly higher through July, which is unusual for this time of year. However, new listings remain slightly lower than the historic five-year average.

  • At the national level, there were 132,058 listings observed over the four weeks to 30 July, 2023. Total listings are trending lower than the previous five-year average due to strong absorption from sales.

  • The combined capital cities clearance eased slightly through the month, averaging 66.5% in the four weeks ending 30 July 2023. This is down from a recent high in the average final clearance rate, of 71.3% in the four weeks to 4 June. While the capital city clearance rate is moving lower, it is still trending above the decade average of 65.1%.

  • Australian rent values increased a further 0.6% in July, taking the national annual increase to 9.4%. Annual growth in rent values remains elevated on the previous decade average, but has shown signs of easing. Growth in rents declined from a 10.2% high over the 2022 calendar year.

  • Against the monthly increase in rent values of 0.6% nationally, purchase values rose 0.7%. This created a marginal reduction in the national gross rent yield to 3.83%, from 3.84% in the previous month.

  • ABS dwelling approvals dropped -7.7% in June, comprised of a -0.8% fall across detached houses and a -16.2% fall in unit approvals. For the past 12 months, monthly dwelling approvals have averaged 14,649 per month, below a decade monthly average of 17,344.

  • The August ‘Chart of the Month’ compares historic periods of rental market upswings nationally, revealing that the current 35-month stretch of consecutive uplift is the longest growth period since 2009-2013. 

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