The latest CoreLogic Quarterly Regional Market Update (June 2019), which tracks sales volumes and dwelling values across 11 of Australia’s regional hubs, shows that sales activity has fallen across all regions over the last 12 months.
Auction volumes are set to remain relatively steady over the week, with 1,515 capital city homes scheduled for auction, only 1.2% fewer auctions on final figures from last week (1,533).
There were 1,529 homes taken to auction across the combined capital cities this week, returning a preliminary clearance rate of 77 per cent. Over the previous week, auction volumes were slightly higher with 1,615 homes taken to auction, while the final clearance rate came in at 70 per cent.
Based on sales over the past 12 months, the average house across the nation is currently held for 11.3 years, while units are held for a slightly lower 9.6 years
There are 1,413 capital city homes scheduled to go under the hammer this week, down -12.5 per cent on last week when 1,615 homes were auctioned, and lower than the 1,916 auctions held over the same week last year.
There were 1,605 homes taken to auction across the combined capital cities this week, increasing on the week prior when 1,415 homes were auctioned.
When discussing housing affordability older Australian tend to point to much higher interest rates in the past as being a challenge while for younger Australians, higher property values are seen as the biggest barrier to home ownership.
The SA4 index data shows some early signs of improving housing market conditions, largely in Sydney and Melbourne and largely in some of the areas in which values have recorded comparatively large falls.
The CoreLogic August home value index results showed that national dwelling values increased by 0.8% over the month; the first monthly increase in values since October 2017 and the largest monthly increase since April 2017.
Auction volumes are set to increase across the combined capital cities this week with CoreLogic currently tracking just over 1,500 auctions, up from 1,415 last week. Over the same week last year 1,748 homes were taken to auction across the capitals.
The number of homes taken to auction across the combined capital cities increased to 1,412 this week returning a preliminary clearance rate of 79.6 per cent.
The national housing market has just experienced its largest downturn in dwelling values since at least the 1980s. The fact that values nationally fell by less than 10% speaks to the ongoing strength of the housing market over the past 40 years which has culminated in Australia being one of the most...