Monthly Housing & Economic Chart Pack, December 2019
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.
- National dwelling values marked the their fifth consecutive month of growth in November, taking dwelling values 3.8% higher over the quarter.
- Combined capital city dwelling values were 4.6% higher over the November quarter and combined regional market values were up 1.1%.
- In November 2019, dwelling values were higher quarterly across Melbourne (6.4%), Sydney (6.2%), Canberra (3.2%), Hobart (2.8%), Brisbane (1.8%) and Adelaide (0.9%), while Darwin (-1.1%) and Perth (-0.9%) values were lower.
- National dwelling values returned to positive annual growth territory for the first time since April 2018, up 0.1%. Combined capital city dwelling values returned a positive annual growth rate of 0.4% in November, while Combined regional values were -1.2% lower.
- National rental rates were flat over the month to November, however the annual rate of rental growth is still trending slightly higher
- Rental yields are once again trending lower, with dwelling values now trending higher and rents generally soft.
- The median selling time has trended lower over the November quarter across both the Combined capital cities and Combined regional markets as market conditions improve.
- The volume of stock for sale remains lower than it was a year ago with new stock being listed for sale 13.2% lower nationally.
- Auction markets have strengthened with clearance rates remaining above 70% for most week’s since mid-Sept and volumes trending higher through spring
- High migration rates are continuing to push the national population higher, with growth of 1.6% over the 12 months ending March 2019.
- Approved housing supply has been trending lower since late 2017, roughly in line with the peak in housing values.
- Housing credit is expanding at an historically slow pace with investment credit growth falling in October.
- The value of lending to owner occupiers increased by 3.3% in September 19, while investor loans were -4.0% lower over the month of September. Investors continue to comprise a lower than average share of mortgage demand
- Official interest rates were cut by 75 basis point between June and October, mortgage rates are tracking at the lower level since the 1950’s.
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