Monthly Housing & Economic Chart Pack, February 2021
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.
- Australian housing values rose 2.8% in the 3 months to January, with every capital city and rest of state region increasing in value
- Regional areas of Australia have seen housing values rise 7.9% annually, which is more than four times the pace of capital city values over the past twelve months.
- Darwin had the highest annual increase in dwelling values of the capital city markets, at 11.4%. Regional Tasmanian dwelling values saw the highest annual increase of the combined regional markets, at 12.1%.
- Darwin dwelling values have increased 10.8% since March 2020, when stage 2 restrictions were announced in response to COVID-19. However, values in Darwin are still -24.0% below the record high in May 2014.
- Sales volumes increased an estimated 10.3% nationally in the year to January, rising in every region but Melbourne, Hobart and regional Tasmania.
- Rental markets are tightening around most areas of the country, bringing the national increase in rental rates to 2.5% in the year to January.
- Rental market conditions remain highly varied. Of the capital cities, the highest annual increase in dwelling rents was in Darwin, increasing 11.4%. The lowest change in rent values was across Melbourne, falling -2.9% over the year.
- Nationally, gross rental yields fell 2 basis points over the month to 3.69% in January, as property value increases outpaced rental increases over the month.
- The market is looking increasingly favourable for sellers. Nationally, typical time to sell a property has fallen by 1 week compared to a year ago. The typical vendor discount also tightened 30 basis points nationally compared to a year ago.
- The amount of property available for sale remains very low. In the 28 days to January 31st, there were 131,657 properties listed nationally, which is -28.3% below the 5 year average for this time of year.
- Melbourne continues to be the only capital city region where total stock on the market is higher than the equivalent period of 2020.
- Auction activity picked up earlier than expected in 2021, with the week ending 31st of January returning a 77.2% clearance rate across the combined capitals.
- Regional migration trends suggest there was a record movement of Australians from capital cities to regions in the September 2020 quarter, corroborating the increased demand for regional dwellings.
- Approval trends have shown continued divergence. House approvals rose 13.9% annually to new record highs, compared with an -8.6% decline in unit approvals.
- The RBA held rates at 0.1% through January, with the RBA forecasting the target inflation rate needed to lift rates would not occur in 2021.
Detailed housing and mortgage market statistics CoreLogic produces an advanced suite of housing market analytics that provides key insights for understanding housing market conditions at a granular level. Granular data is often used for portfolio analysis and benchmarking, risk assessments and understanding development feasibility and market sizing. It gives industry professionals valuable modules which provide essential analytics and insights for decision making and strategy information within the residential property asset class. CoreLogic can tailor reports to suit your business requirements. For more information contact your CoreLogic account manager or email [email protected].