Home values increased by 0.8% in July 2016 with values 2.9% higher over the three months to July 2016
Combined capital city home values increased by 0.8% in July with values rising in Sydney, Melbourne, Adelaide and Hobart but falling elsewhere
Home values were 2.9% higher over the three months to June 2016 and Brisbane, Perth and Darwin were the only capital cities in which home values fell
Over the first seven months of 2016, capital city home values have increased by 6.3% 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 6.1% which represents their slowest rate of annual growth since September 2013
Across the individual capital cities, the annual change in home values have been recorded at 9.1% in Sydney, 7.5% in Melbourne, 3.9% in Brisbane, 4.8% in Adelaide, -5.6% in Perth, 6.2% in Hobart, -7.6% in Darwin and 2.9% in Canberra
Home sales have continued to trend
Over the 12 months to July 2016 it is estimated that there were 329,444 houses and 126,840 units sold nationally with house sales -7.9% lower and unit sales -14.8% lower over the year
Across the combined capital cities there were an estimated 199,735 houses and 91,553 units sold over the 12 months to July 2016. House sales are -10.9% lower over the year while unit sales are down -17.5%
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 $485/week while unit rents sit at $467/week
Across the combined capital cities there were an estimated 199,735 houses and 91,553 units sold over the 12 months to July 2016. House sales are -10.9% lower over the year while unit sales are down -17.5%.
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 47 days compared to 42 days a year ago while the typical capital city unit takes 47 days to sell compared to 41 days a year ago
The average level of discount is recorded at 6.2% for houses and 6.1% for units compared to 6.3% for houses and 6.0% for 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 37,411 new homes listed for sale nationally and 22,798 of these were listed across the capital cities
New listings are -10.9% lower than they were a year ago nationally and -13.9% lower across the combined capital cities
There were 230,310 total listings nationally over the past four weeks and 100,696 total capital city listings
Nationally, total listings are -1.2% lower than a year ago while they are 4.5% 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 increasing at a rate which is half that of 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 June but remain at levels well above recent averages and at near record highs
Consumer sentiment eased back in August and sits at a neutral setting
The unemployment rate was recorded at 5.8% in June, up slightly from the 5.7% recorded over the previous three months
The Reserve Bank cut official interest rates to a record low 1.5% in August
Detailed housing and mortgage market statistics
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