Home values increased by 0.5% in June 2016 with values 3.8% higher over the three months to June 2016
Combined capital city home values increased by 0.5% in June however, values rose in only Sydney, Melbourne and Hobart
Home values were 3.8% higher over the three months to June 2016 and Perth and Darwin are the only two capital cities in which home values have fallen
Over the first six months of 2016, capital city home values have increased by 5.5% and Perth and Darwin are the only cities in which values have fallen
Over the past 12 months, combined capital city home values have increased by 8.3% which represents a slowdown in annual growth from the previous two financial years.
Across the individual capital cities, the annual change in home values have been recorded at 11.3% in Sydney, 11.5% in Melbourne, 5.3% in Brisbane, 2.2% in Adelaide, -4.7% in Perth, 6.2% in Hobart, -1.1% in Darwin and 3.9% in Canberra
Home sales have trended lower over recent months
Over the 12 months to June 2016 it is estimated that there were 328,180 houses and 127,243 units sold nationally with house sales -7.6% lower and unit sales -13.7% lower over the year
Across the combined capital cities there were an estimated 198,814 houses and 91,949 units sold over the 12 months to June 2016. House sales are -10.8% lower over the year while unit sales are down -16.5%.
Most capital cities are seeing the number of sales trending lower however, there are signs in Perth and Hobart, where home values are falling, that sales volumes are stabilising and potentially increasing a little.
It is important to note, the large volume of off-the-plan sales currently means there is a high likelihood unit sales volumes will be revised higher over the coming years
Weakest rental market on record
Combined capital city house rents are currently recorded at $487/week while unit rents sit at $469/week.
House rental rates have fallen by -0.9% over the past year (largest fall on record) while unit rents have increased by 1.5%
In Brisbane, Adelaide, Perth and Darwin, rental rates have fallen over the year for both houses and units.
Aside from Hobart, where rental rates are up 3.6% over the year, no other capital city is recording rental growth in excess of 2.0%
The current movement in rental rates, coupled with value growth have resulted in rental yields trending lower over the year
Gross rental yields for houses are currently recorded at 3.2% and unit yields are 4.1%, both of which are record lows
12 months ago gross rental yields were recorded at 3.5% for houses and 4.4% for units
Selling time of homes has increased slightly, while discounting levels are fairly steady
The typical capital city house is currently selling at 44 days compared to 40 days a year ago while the typical capital city unit takes 46 days to sell compared to 38 days a year ago
The average level of discount is recorded at 6.1% for houses and 6.0% for units compared to 6.0% for houses and units 12 months ago
Auction clearance rates have rebounded in 2016 and have typically sat between 65% and 70% so far in 2016
New listings are much lower than a year ago while total listings are at similar levels
Over the past 28 days there were 37,034 new homes listed for sale nationally and 21,053 of these were listed across the capital cities
New listings are -13.9% lower than they were a year ago nationally and -15.9% lower across the combined capital cities
There were 234,864 total listings nationally over the past four weeks and 102,459 total capital city listings
Nationally, total listings are 0.1% higher than a year ago while they are 6.6% higher across the combined capital cities
Economic data remain mixed
New lending to both investors and owner occupiers has fallen from recent peaks with investor lending recording a much greater decline
Total housing credit is rising however, investment credit growth continues to slow and is now well below APRAs 10% threshold for annual growth
The rate of population growth at a national level is trending lower although it did pick-up slightly over the December 2015 quarter
Dwelling approvals fell in may but remain at extremely elevated levels
Consumer sentiment was more optimistic than pessimistic in June despite no interest rate cuts and a looming federal election
The unemployment rate was recorded at 5.7%, unchanged for the past three months and remaining at its lowest level since September 2013
The Reserve Bank made no change to official interest rates in June
Detailed housing and mortgage market statistics
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