Monthly Housing Chart Pack - November 2022

The combined value of residential real estate was estimated to be $9.5 trillion at the end of October, according to the latest edition of the Monthly Housing Chart Pack. This was down from an estimate of $9.6 trillion in the previous month, and a peak of around $10 trillion in April this year.

The chart pack also reveals the first year-on-year decline in national home values, led by a -3.1% annual drop in the combined capital cities market. While housing value falls have become more geographically broad-based, the monthly pace of decline in national home values continued to soften through the month, at -1.2% through October, from -1.4% through September.

Here's what happened in October.

• The combined value of residential real estate in Australia fell to $9.5 trillion at the end of October, down from $9.6 trillion in the previous month.
• Dwelling values in Australia are -0.9% lower over the past 12 months, marking the first annual decline since October 2019.
• While the housing market downswing has become more broad-based, the monthly rate of decline slowed to -1.2%, from -1.4% through September.
• The highest annual growth rate in dwelling values among the regional and capital city markets was across Regional SA, at 20.4%. The lowest rate of change in values was across Sydney, down -8.6% over the year.
• Sales volumes are trending lower as buyer demand slows. CoreLogic estimates that in the 12 months to October, there were 551,981 sales nationally, down -9.3% compared to the previous year.
• At the national level, properties are taking longer to sell. In the three months to October, the median days on market was 36, up from a low of 20 days over the three months to November 2021.
• Similarly, vendor discounting has also increased from the recent low of -2.9% recorded in the three months to November last year. In the three months to October, the median vendor discount at the national level was -4.3%.
• In the four weeks to November 6, new listings volumes trended higher. At 38,438 newly advertised properties added for sale, the new listings trend is showing a slight seasonal uplift. However, new listings volumes remain low relative to previous years.
• At the national level, total listings were fairly steady through October. Advertised stock levels remain low compared to previous years, in part due to the subdued flow of new listings.
• The combined capital cities clearance rate steadied through October, averaging 59.5% in the four weeks ending November 6. This is down from 78.5% in the equivalent period of 2021.
• Rental value growth remains high across Australian dwellings, but the annual growth in house rents has shown signs of moderating. Unit rent values have seen increased momentum, rising 12.4% in the past 12 months. Across all dwellings, this resulted in an annual rental growth rate of 10.0%.
• Housing finance secured totaled $25.1 billion in September. The value of secured housing finance fell -8.2% in the month, taking new housing finance -22.4% lower than a recent peak in May. Investor finance fell -6.0%, compared with a -9.3% fall in owner occupied lending in September.
• The RBA increased the underlying cash rate target a further 25 basis points through November. The Board reiterated further increases in the cash rate ahead, as it remains ‘resolute’ in returning inflation to target.

Download the Monthly Housing Chart Pack

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CoreLogic Australia