End of Week Property Market Update: RPData- Tim Lawless

The RP Data-Rismark Home Value Index results for November were released earlier this week. The results showed that capital city home values increased by 0.1% over the month and are now 8.0% higher over the past year.

Sydney has recorded the largest annual values growth (12.5%) followed by: Perth (8.9%) and Melbourne (6.6%). All other capital cities have recorded annual value growth of less than 3.0% with values falling by -1.4% in Hobart.

The Australian Bureau of Statistics (ABS) released dwelling approvals data for October 2013 earlier this week. The data showed that dwelling approvals fell by -1.8% over the month however, year-on-year there has been a clear improvement with approvals 23.1% higher.[sam id=36 codes=’true’]

Year-on-year house approvals are 10.3% higher compared to a 39.7% increase in unit approvals. On an annual basis, there were 170,586 total dwelling approvals which was the highest number since April 2011 and 13.6% higher than at the same time last year.

The data also showed that the proportion of dwelling approvals for units was at a record high level over the past year, recorded at 43.4% of all approvals over the year.

The Reserve Bank (RBA) released private sector housing credit data for October late last week. Over the month, private sector housing credit increased by 0.5% with owner occupier credit up 0.4% and investor credit rising 0.6%.

Over the year, housing credit has risen by 6.0% which is its fastest pace of growth since June 2012. Over the year, the rate of growth has been stronger for investor housing (6.4%) than for owner occupier housing (4.3%).

The ABS also released retail trade data for October 2013 earlier this week. The data showed that trade had increased by 0.5% over the month and was 3.6% higher year-on-year. It was the greatest year-on-year increase in retail trade since July 2012.

The greatest year-on-year increases in retail trade were recorded for: clothing, footwear and personal accessory retailing (7.4%), cafes, restaurants and take-away food services (5.7%) and food retailing (3.6%). On the other hand growth in retailing for: department stores (1.3%), household goods retailing (2.2%) and other retailing (2.8%) has been much lower.

National Auction Clearance Rates

The number of auctions across the combined capital cities was at a record high level last week with 3,472 auctions, up from 2,716 auctions the previous week. The combined capital city auction clearance rate increased over the week from 65.4% the previous week to 66.9% last week.

In Melbourne, there were 1,598 auctions last week, up from 1,172 over the previous week. Melbourne’s clearance rate increased from 65.1% the previous week to 67.9% last week. Auction volumes across Sydney also increased over the week from 1,060 the previous week to 1,402 last week.

Auction clearance rates fell over the week from 74.0% the previous week to 72.7% last week, Sydney’s lowest auction clearance rate in 22 weeks. This week is set to be another busy auction week with 3,031 capital city auctions scheduled to take place.

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Weekly Advertised Listings

Over the four weeks to 1 December 2013, there were 49,939 newly advertised properties listed for sale nationally. The number of new property listings fell by -3.4% over the week and new listings remain -1.5% lower than at the same time last year. Across the combined capital cities, new listings were -4.8% lower over the week however, they are 2.4% higher than they were a year ago.

There are currently 266,690 properties listed for sale across the country. Total listings at a national level were 0.9% higher over the week however, they are -7.7% lower than they were at the same time last year.

Across the combined capital cities, total listings have increased by 1.2% over the week although they are -13.0% lower than they were at this time a year ago. Capital city listings account for around 44% of all listings nationally.

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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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