Monthly Housing & Economic Chart Pack, March 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.
- Dwelling values fell by -0.1% in February 2018 with values falling in each capital city except Adelaide where they were unchanged and Hobart.
- Over the three months to February 2018, dwelling values were -0.8% lower with only Adelaide and Hobart recording an increase in values.
- The annual rate of dwelling value growth has slowed to 2.2% nationally, despite the slowing conditions all capital cities except for Sydney, Perth and Darwin have recorded value rises over the year.
- The combined regional markets have recorded a faster pace of value growth over the past year (2.8%) than the combined capital cities (2.0%)
- Transaction volumes are much lower over the year down -7.3% nationally with Adelaide, Perth, Hobart and Darwin the only capital cities in which sales volumes were higher over the year.
- Rental rates increased by 0.3% over the month to be 0.8% higher over the past three months and 2.4% higher over the past year. Rental rates rose over the year across all capital cities except for Perth and Darwin.
- Rental yields have started to lift from their record lows as rental growth outpaces value growth, yields are currently recorded at 3.67% up from 3.63% in December 2017 but down from 3.69% a year ago.
- The length of time it takes to sell a property has reduced most notably in Hobart while in Sydney and Melbourne it is taking longer to sell a property.
- The volume of new and total stock listed for sale nationally is lower than a year ago. Across the cities, total listings are generally similar to a year ago except in Sydney where they are 27.5% higher and Hobart where they are -36.0% lower.
- Population growth remains strong however, an increasing number of residents are leaving NSW with interstate migration to Qld accelerating.
- Dwelling approvals fell by -20.0% in December, driven by a large fall in unit approvals. Approvals are lower than they were a year ago however, they remain well above long-term average levels.
- In terms of housing finance, investor demand is waning with owner occupiers now the dominant source of demand. In NSW and Vic, recent removals of stamp duty for first time buyers has resulted in a surge in demand from this sector.
- The expansion of housing credit continues to slow with investor demand clearly trending lower.
- Official interest rates remain at 1.5% with the market currently expecting a 25 basis point increase in official interest rates by May 2019.
Detailed housing and mortgage market statistics