Each month the CoreLogic Research team puts together a Housing Chart Pack, with all the latest stats, facts and figures on the residential property market, such as the combined value of residential real estate, sales volumes, and the trend in new listings.
Here are December's monthly highlights.
- The combined value of residential real estate in Australia fell to $9.3 trillion at the end of December, from $9.4 trillion in the previous month.
- Dwelling values in Australia are -5.3% lower over the past 12 months, marking the largest calendar year decline in home values since 2008.
- December saw national home values decline -1.1%, which was steeper than the -1.0% fall in November, but still below the peak monthly decline (-1.6%) recorded in August.
- The highest annual growth rate in dwelling values among the regional and capital city dwelling markets was across Regional SA, at 17.1%. The lowest change in values was across Sydney, where home values declined -12.1% in the past year.
- Sales volumes continue to trend lower as buyer demand slows. CoreLogic estimates that in the 12 months to December, there were 514,342 sales nationally, down -17.0% compared to the previous year. While down compared to last year’s volumes, sales estimates are still 6.3% above the decade average annual sales volume.
- At the national level, properties are taking longer to sell. In the three months to December, the median days on market was 34, up from a low of 20 days in the three months to November 2021.
- Similarly, vendor discounting has also expanded from -2.9% in the three months to November 2021. In the three months to December 2022, the median vendor discount at the national level was -4.3%.
- In the four weeks to 8 January 2023, the volume of new listings totalled 13,936 nationally. The new listings trend is moving through a seasonal low, and is also -22.1% lower than the previous five-year average.
- At the national level, there were 122,062 listings observed over the four weeks to 8 January, 2023. Total listings are moving through a seasonal low, but the volume is also lower than in previous years.
- The combined capital cities clearance rate shifted slightly lower over the last four weeks of auction activity in 2022. The clearance rate averaged 55.1% in the four weeks to 18 December, 2022, down from 65% at the end of 2021.
- Annual growth in rent values has re-accelerated. Annual growth in Australian rent values was 10.2% in the 12 months to December, a new record high. This has partially been driven by growth in unit rents across Sydney, Melbourne and Brisbane, where rents have increased around 14-16% annually.
- Through December, Australian gross rent yields rose to 3.78%, up from a low of 3.21% in January 2022. Over the 2022 calendar year, gross rent yields across the capital cities rose fastest across Sydney, up 72 basis points.
- In this month’s pack, there is a chart featuring monthly rental vacancy rates, showing a slight lift in vacancy through the month of December across most capital cities.
- This pack also includes a guide to CoreLogic data used throughout the pack