Monthly Housing & Economic Chart Pack, April 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.

Monthly highlights

  • CoreLogic estimates the combined value of residential real estate in Australia has risen to 7.9 trillion dollars through March.
  • In the three months to March, national home values rose 5.8%, which is the highest quarterly growth rate since October 2003.
  • The combined regional dwelling market was 11.4% higher in value over the year, compared with a lift of 4.8% across the combined capitals. 
  • High end values are leading dwelling market increases across many capital cities. In the three months to March, the top 25% of values across Sydney increased 8.8%.
  • The highest quarterly change in dwelling values among the capital cities was across Hobart, at 7.6%.
  • The lowest quarterly change in dwelling values among the capital cities was across Adelaide, at 3.2%.
  • With the recent surge in housing values, most of the capital cities have seen housing values move to new record highs. The exception is Darwin, which is -21.6% below the record high, and Perth, which is -15.9% lower. 
  • CoreLogic estimates sales volumes increased 12.6% nationally over the twelve months to March, with over 25% of the uplift stemming from regional NSW alone. 
  • National rent values have risen 3.9% in the year to March, which is the highest annual growth rate since September 2011.
  • With housing values generally outperforming rents, yields are trending lower, with the exception of Perth and Darwin.
  • At the national level, properties typically sold in 37 days in the three months to March 2021; 8 days less than the same period in 2020.
  • Nationally, the rate of vendor discounting has tightened by 73 basis points over the year to March.
  • Total listings remain tight due to strong absorption from sales, leaving listings volumes 26.0% below the 5 year average.
  • Regional Australia continues to see a particularly large deficit in total listings volumes, which may be partly attributed to less migration away from regions since the onset of COVID-19.
  • In the four weeks to April 4th, the combined capital cities auction clearance rate averaged 80.3%, reflecting strong buyer demand.
  • Over February, house approvals for construction reached a record 14,072, which is 50.7% higher than the decade average. Unit approvals rose in the month, but remain -25.7% below the decade average.
  • Over February, the value of owner occupier finance commitments for the purchase of property declined -1.8%, while investor lending rose 4.5%. The fall in owner occupier finance was led by a -4.0% decline in first home buyer lending values.
 

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