Property Update - November 2023

Monthly highlights
 

• CoreLogic estimates put the combined value of residential real estate at $10.2 trillion.
  
  
• National home values rose 2.3% in the three months to October, easing slightly from a recent high of 3.1% in the June quarter.
  
  
• Dwelling values across the combined capitals rose 0.6% in October. While this is a slight acceleration on the previous month, monthly growth across the capital cities has broadly eased since a high of 1.5% in May.
  
  
• The rolling 28 day change in the combined capitals home value index was up 0.8% in the 28 days ending November 7th.

 

• The growth trajectory for housing values across the combined capitals has slowed from a recent peak of 1.3% through June.

 

• CoreLogic estimates there were 40,993 sales in October nationally, compared to a historic five-year average of 44,813 for the month of October. The six-month moving trend suggests sales volumes are gradually lifting, despite being down from highs in 2021.

 

• The amount of time it takes to sell property trended slightly higher through the three months to October, with the median days on market nationally sitting at 30 days. Selling conditions are stronger year-on-year across the combined capitals, with the median selling time sitting at 26 days compared to 30 days in the same period of 2022.

 

• In the four weeks to November 5, new listings totalled 43,421 nationally. New listings have trended higher through winter and into the start of Spring, and are now 10.2% higher than a year ago, and -5.4% lower than the previous 5-year average.

 

• The combined capital cities clearance rate averaged 65% in the four weeks to October 29, which was steady on the previous four week period. However, the week of the 29 th saw a marked drop in the clearance rate to 62.9%. This coincided with the highest week of auction volumes since April last year.

 

• Australian rent values increased a further 0.7% in October, taking the national annual increase to 8.1%. Annual growth in rent values remains elevated on the previous decade average, but has shown signs of easing. Growth in rent values has eased most notably in regional Australia.

 

• Dwelling approvals fell a further 4.6% in September. For the less volatile detached dwelling series, approvals were down 4.0% over the past month, but were still higher than a recent trough in January. Both house and unit approvals continue to trend well below historic decade averages.

 

• Nationally, investor finance comprised 35.8% of new mortgage lending through September. The share of investment lending was highest across NSW (40.2%), and is trending higher than the historic average at the national level.

 

• The RBA increased the cash rate by 25 basis points in November

 

• The 12 month turnover rate has lifted slightly to 4.7% nationally in October, up from a recent low of 4.67% in August. However, turnover remains below the decade average of 5.3%.

 

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