Monthly Housing & Economic Chart Pack, November 2018

This month’s chart pack has been written by the CoreLogic Research Team. Also included below is a detailed overview on the key findings covered in this month’s report.

Monthly highlights

  • National dwelling values fell for the 12th consecutive month in October 2018 and were down -0.5%. Over the month, combined capital city values fell by -0.6% while the combined regional markets recorded a -0.2% fall.
  • Values fell over the month in Sydney, Melbourne and Perth and were unchanged in all other capital cities except Adelaide and Hobart.
  • Our estimate of settled sales is down 10.8% nationally year on year, with steeper falls in Sydney (-16.7%), Melbourne (-14.4%) and Hobart (-11.4%).
  • Rental markets continue to slow, with capital city rental growth tracking at just 0.3% over the past twelve months, while regional rental markets have seen weekly rents rise 2.3% over the year.
  • Rental yields have continued to lift from their record lows as rental growth outpaces value growth, however yields generally remain well below the long term average in most cities.
  • Vendor metrics have generally softened, with the number of days to sell a property and vendor discounting rates trending higher while auction clearance rates track lower.
  • Vendor confidence has weakened, with fewer new listings being added to the market, while total advertised stock levels are tracking higher due to a slower rate of absorption.
  • The trend in population growth has eased over the twelve months ending March 2018, as both the rate of net overseas migration and the rate of natural increase fell. Slower population growth has a negative implication for housing demand.
  • Dwelling approvals rose in September however, the trend is toward fewer approvals particularly in the unit sector
  • Housing finance data and credit aggregates highlight the slowdown in investment lending, while owner occupier lending has slowed but remains relatively healthy, rising 7.3% over the 12 months to September 2018 while investor credit has increased at an historically slow rate of 1.4%.
  • Official interest rates remain at 1.5%, however variable mortgage rates have edged higher in both September and October, reflecting out of cycle rises from some lenders.

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