Must know stats, facts and figures on Australia's residential property market.
Here are the must know stats, facts and figures on Australia's residential property market.
This month in CoreLogic's Housing Chart Pack, we take a look at quarterly value growth by property types.
CoreLogic Economist Kaytlin Ezzy said there has been a shift in buyer demand towards units, especially in capital city markets where housing prices have soared, and buyers are being priced out of the market.
"House values surged nearly 40% since March 2020, while unit values rose 17.9%, indicating the widening gap between house and unit values.
"Demand is now tilting towards unit and apartment living due to affordability concerns, particularly in capital cities. Hobart is the only capital that saw stronger value growth in houses (0.8%) compared to units (0.6%) over the three months to April.
"Given the worsening affordability environment and the growing possibility that interest rates could be higher for longer, it's unsurprising that demand has skewed towards the more affordable unit sector."
Other key facts in the May Housing Chart Pack:
- CoreLogic estimates the combined value of residential real estate rose to $10.6 trillion at the end of April.
- The monthly change in national home values held steady at 0.6% for the third consecutive month, taking the three month change in values to 1.8%
- Over the three months to April, lower quartile dwelling values (3.0%) rose at more than twice the pace of upper quartile values (1.1%), with growth conditions continuing to be skewed toward the more affordable section of the market.
- New listings trends have seen a slight uptick in recent weeks due in part to the earlier than usual Easter, with the four week count of new listings coming in 18.3% above this time last year and 13.7% higher than the previous five-year average.
- Across the capitals, the change in total listing levels relative to last year is quite diverse, ranging from 10.6% in Melbourne to -24.9% in Perth, which helps explain some of the divergence seen in capital growth.
- CoreLogic estimates that 38,317 homes were sold in April, taking the rolling annual count to 505,153. Compared to this time last year, annual national estimates are up 7.3%, with capital city sales volumes up 9.2% and combined regional sales up 3.9
- The national median time on market dropped slightly in April (31 days), with declines in the combined regions (44 days) counteracting a marginal increase in the capitals (27 days).
- Vendor discounting rates compressed slightly across the combined regional market over the three months to April, taking the national median vendor discounting rate to -3.5%— the lowest national discounting rate since the three months to May 2022 (-3.3%).
- The 12-month change in national rental values has held relatively steady over the past three months, with rents rising 8.5% over the year to April. Underneath the headline figure, the pace of growth in regional and house rents has accelerated in recent months, while growth in unit and capital city rents has eased.
