Australian home value growth has continued its downward trend in February 2022, with Sydney witnessing housing prices fall for the first time in 17 months. The national home value index of property database company CoreLogic went up just 0.6 percent in February, the lowest monthly increase recorded since October 2020. Prior to this, the index…
Sydney House Price Growth Drops as Housing Market Slows Down Across Australia
Difference Between House and Unit Prices at All-Time High in Australia
February 17, 2022
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The gap between Australia’s house and unit prices has reached record high in January of 28.3 percent after houses grew almost twice as fast in value over the same period. CoreLogic’s latest monthly market update revealed that units recorded a growth rate of 14.3 percent in the 12 months to January while houses grew 24.8…
New Loans Pick up as Australian House Prices Continue to Grow
February 1, 2022
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New Australian housing mortgage commitments rose 4.4 percent in December to a record high value of $32.8 billion (US$23.3 billion) as house prices in the country continue to climb. The Australian Bureau of Statistics (ABS) revealed that it was driven by a 5.3 percent increase in the value of new owner-occupier loans. The average loan…
Australian Homeowners Profit From Sales Amid COVID-19 Lockdowns
January 18, 2022
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A new report by CoreLogic revealed the September quarter saw the highest level of profitability for property sales in more than a decade. The rate of profit-making resales across Australia rose 92.4 percent during the three months and was the fifth consecutive quarter where the rate of profit-making sales increased. The national median gain was…
Australian Property Values Ended the Year 22 Percent Higher but Subdued Conditions Expected in 2022
January 6, 2022
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The Australian property market grew 22.1 percent during 2021 on the back of low interest rates but ended the year on a subdued note CoreLogic revealed, with the national median house value in December only rising one percent, down from 1.3 percent in November. It reflects the cooling market as the monthly growth rate had continued…
Australian Auction Clearance Rates Slip as Owners Rush Into the Market
Successful auction rates in Australian capital cities have fallen under 70 percent as homeowners rush to list their properties to cash in on the booming market. According to CoreLogic, 4,136 homes were taken to auction this week, making it the second busiest auction week on its records after the previous week with 4,251 auctions. During…
Largest Market Driven Increase in Construction Costs Driving Australian Inflation
Australian construction costs in the September quarter jumped at its highest rate in over 20 years, as the industry struggles with supply chain disruptions, material shortages, and high demand for building and renovation services. CoreLogic’s Cordell construction cost index found that residential construction costs rose 3.8 percent nationally during the three months to September, which…
Total Australian House Value Surpasses $9 Trillion, Rising $1 Trillion in 5 Months
According to property researcher CoreLogic, the value of Australia’s residential housing market surpassed $9 trillion (U.S.$6.6 trillion) in September, just five months after reaching $8 trillion (U.S.$5.8 trillion). Housing prices soared 20.3 percent over 12 months since the Reserve Bank of Australia lowered the official interest rate to 0.1 percent in Nov. 2020, and the…
Reserve Bank of Australia Passes the Baton for Tightening Home Loan Policy to Government and Regulators
The Reserve Bank of Australia (RBA) has clearly distanced itself from the responsibility to control residential housing prices, passing it onto the government and industry regulators. In an online address, RBA governor Philip Lowe said that raising interest rates would address house price concerns at the expense of other areas of the economy. “I want to…
Australian House Prices Jump to a New Record High, but Emerging Signs of Market Cooling
Australian residential property prices continued to surge, revealing record levels of growth over the three months to June, according to new figures. The Australian Bureau of Statistics (ABS) revealed on Tuesday that home prices rose 6.7 percent—the strongest quarterly growth figure since ABS began tracking the data in 2003. “The continued growth in property prices…
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