End of Week Property Market Update: RPData

It was a quiet week for economic and housing data, however one of the key releases came from the Australian Bureau of Statistics on Thursday which covered the level of job vacancies across the country.

According to the ABS Job Vacancies Survey, which covers a sample of 5,000 employers each quarter, the number of jobs available has continued to trend lower across the country.

The number of private sector job vacancies was 9.4% lower over the three months to May 2013 and 21.3% lower over the twelve months.

Public sector job vacancies were 4.6% lower over the three month period to May 2013 and 29.0% lower over the year.

Similar trends have been seen in the ANZ job ad series which suggests there is likely to be some weakening in the labour force data which has remained surprisingly resilient to date.

[sam id=31 codes=’true’] Victoria, Queensland and the Northern Territory were the only states/territories not to see a decline in job vacancies over the three months to May, however, every state and territory around the country has seen a substantial decline in job vacancies over the year.

The largest falls were in the Australian Capital Territory and South Australia where job vacancies were 56% and 42% lower.

Western Australia recorded the least significant decline in job vacancies, down 3.2% over the year.

Next Monday RP Data and Rismark will be publishing housing market results for the month of June. The daily index has shown a 1.7% rise over the month to date indicating that we should expect to see the declines recorded over April and May to be unwound based on the June movement.

Most of the June growth is being driven by the Perth and Sydney markets where values are likely to have moved more than 2% higher over the month. Full details for each capital city will be available on Monday next week.

 

National Auction Clearance Rates

Auction markets last week recorded another strong result, with the weighted average clearance rate recorded at 66%.

RP Data was tracking 1,665 auctions over the week and we collected results for 93% of all auctions held.

Sydney was again the stand out market with 72% of all auctions recording a successful result over the week. Melbourne’s auction clearance rate was 68% over the week.

Auction results across the remaining capital cities were recorded at 40% in Brisbane, 44% in Adelaide, 56% in Perth, 43% in Hobart and 50% in Canberra.

http://image.e.rpdata.com/lib/fe591570776d03757d17/m/4/2013_06_28_clearance+rates.jpg

 

Advertised Stock on the Market

The number of listings continued to trend lower across the Australian housing market. Nationally total listing numbers are down 8.5% to 247,734 unique advertisements.

Advertised stock levels, at 108,420 unique dwellings, are almost 15% lower than a year ago across the capital cities.

The number of newly advertised properties is also lower than a year ago, suggesting that finding new listings is the key challenge for real estate agents. Nationally there were 2.1% fewer new listings with a total of 37,488 listings.

Across the combined capital cities, listings were -0.8% lower than at the same time a year ago.

http://image.e.rpdata.com/lib/fe591570776d03757d17/m/4/2013_06_28_weekly_listings.jpg

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Tim Lawless

About

Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au


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