Property Update - February 2024

Monthly highlights
 

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

• National home values rose 1.0% in the three months to January, the smallest quarterly increase since the March quarter of 2023 (1.0%)

 

• The rolling 28-day change in the combined capitals home value index was 0.3% in the 28 days ending February 8th.

 

• CoreLogic estimates there were 28,917 sales in January taking the national annual count to 499,162. This is roughly in line with the numbers seen over the year to January 2023 (496,926) and 3.6% above the average annual volumes seen over the previous 5 years.

 

• The 2024 auction market started strong, with the combined capitals clearance rate shifting significantly higher compared to the final weeks of 2023, when the clearance rate fell below 60%.

 

• Australian rent values increased a further 0.8% over the month of January up from the 0.6% increase recorded in December. This uptick has seen annual growth in rent values accelerate slightly, from the 8.1% lift seen over the year to October 2023, to 8.3% in January.

 

• Dwelling approvals dipped -9.5% in December. This was driven by a -22.4% decline in the more volatile unit segment, while house approvals were relatively stable, dropping just -0.6%. While Approvals had trended a little higher through 2023, monthly approvals remain well below the previous decade average.

 

• Investor finance comprised 36.2% of the value of new mortgage lending nationally in December. The share of investment lending was highest across NSW (40.7%) make up more the 40% of new financing for just the second time in 5 years. 

 

• Average new variable rates remained relatively steady over December for both owner occupiers and investors following the RBA decision to hold the cash rate steady in December. Variable rates continued to trend slightly higher than short term fixed rates across both borrower types.

 

 

Download the report here