Property Update - December 2023

Monthly highlights
 

• CoreLogic estimates put the combined value of residential real estate at $10.3 trillion.
  

• National home values rose 2.1% in the three months to November, easing slightly from a recent high of 3.2% in the June quarter.

• Dwelling values across the combined capitals rose 0.6% in November. Monthly growth across the capital cities has broadly eased since recording a recent high of 1.5% in May.

• The rolling 28 day change in the combined capitals home value index was 0.5% in the 28 days ending December 7th.

• In the 12 months to November, CoreLogic estimates there were 479,477 sales nationally. This is -7.6% lower than the sales volume to November 2022.

• Vendor discounting vastly improved for sellers throughout 2023, in line with the reduction in selling times. However, across the capital cities the rate of vendor discounting now looks to be steadying.

• At the national level, there were 160,757 listings observed over the four weeks to December 3. Total listings are gradually lifting off the back of a substantial rise in new listings, but remain -17.7% below the historic five-year average.

• Australian rent values increased a further 0.7% in November, taking the national annual increase to 8.1% for the third month in a row. Annual growth in rent values remains elevated across all dwellings, and there has been some reacceleration in the annual growth of house rents, to 7.2% in the year to November.

• Dwelling approvals have begun to trend higher since a recent low in January 2023, but remain relatively low overall. For the past six months, monthly dwelling approvals have averaged 13,838, below the decade average of 17,277.

• The RBA held the cash rate steady in December.

• Annual rent changes are diverse across cities and dwelling types. Most unit markets saw a slowdown in the annual rate of increase in November, while house markets saw a slight acceleration in growth. Hobart and Canberra saw rents fall, but declines across the Canberra market are easing.

 

 

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