Each month the CoreLogic Research team puts together a Housing Chart Pack, with all the latest stats, facts and figures on the residential property market, such as the combined value of residential real estate, sales volumes, and the trend in new listings.
Here are this month's highlights*:
- Dwelling values in Australia are -7.9% lower over the past 12 months, the largest annual decline on record.
- The combined value of residential real estate in Australia rose to $9.3 trillion at the end of February, from $9.2 trillion in the previous month but well below the peak of $10 trillion in April 2022.
- Despite a large annual decline in home values, the monthly pace of decline slowed quickly over February to just -0.1%.
- The highest annual growth rate in dwelling values among the regional and capital city dwelling markets was across Regional SA, at 13.2%. The lowest change in values was across Sydney, where home values declined -13.4% in the past year.
- The rolling 28-day change in the combined capitals home value index was 0.0% in the 28 days ending 7 March.
- Sales volumes continue to trend lower as buyer demand slows. CoreLogic estimates that in the 12 months to February, there were 486,620 sales nationally, down -21.2% compared to the previous year.
- At the national level, properties are taking longer to sell. In the three months to February, the median days on market was 41, up from a low of 20 days in the three months to November 2021.
- Vendor discounting also expanded through 2022. However, in the three months to February, the national median vendor discounting rate contracted slightly on the three months to January.
- In the four weeks to 5 March 2023, the volume of new listings totalled 38,479 nationally. While new listings have seen a seasonal lift, new listings are still -12.7% lower than the previous five-year average.
- The combined capital cities clearance rate averaged 65.8% in the four weeks ending 5 March 2023. While this was a much stronger result than in the final weeks of 2022 (averaging 55.1%), auction volumes are still low relative to where they were this time last year.
- Annual growth in rent values held steady on the previous month in February, at 10.1%. Annual growth in Australian rent values was 10.2% in the 12 months to December, a record high. The most rapid annual rise is evident in unit rents across Sydney, Melbourne and Brisbane, where rents have increased around 14 to 17% annually.
- The chart of the month shows a turn in the tide of supply for Hobart. Monthly listings volumes are 73.4% higher than a year ago, as properties take longer to sell, and listings volumes move toward the decade average.
*Data is to the end of February 2023 unless otherwise specified.
Download the Monthly Housing Chart Pack
Meet Eliza Owen
Head of Residential Research Australia
Eliza Owen was appointed the Head of Research at CoreLogic Australia in 2020.
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