End of Week Property Market Update : RPData

Here’s what happened in the property markets this week…

The Australian Bureau of Statistics (ABS) released dwelling approvals data for February 2013 late last week.

The data showed a strong rebound in dwelling approvals over the month however, the month to month data can be a bit volatile.

Over the month approvals rose by 3.1% with house approvals increasing by 4.2% and unit approvals rising by 1.6%. Year-on-year, dwelling approvals are now 12.8% higher and the number of approvals are now roughly in line with the ten year average.

While the increase in dwelling approvals provides some hope that the housing construction sector is waking up, we are yet to see a firm trend become apparent. The number of approvals fell over 5 of the past twelve months and there hasn’t been an instance of 3 consecutive months where dwelling approvals have increased.

Retail trade data was also released late last week for February and it has showed a strong uplift over the first two months of 2013 (the strongest Jan/Feb since 2001). Following a 1.2% increase in trade in January, it lifted by a further 1.3% in February.

On an annual basis, retail trade has increased by 4.6% year-on-year. Retail trade has increased over the year in every state except South Australia (-1.0%) with the largest increases registered in Western Australia (6.7%), Queensland (6.2%) and New South Wales (6.0%).

Westpac and the Melbourne Institute released the results of their April 2013 consumer confidence survey earlier this week. The Consumer Sentiment Index recorded a fall of -5.1% over the month to 104.9 points. Although sentiment fell, the consumers well and truly remain more optimistic than pessimistic, with the Index remaining at or above 100.0 points for each of the past six month, clearly indicative of renewed levels of consumer confidence.

The fall in the Index was broad-based with all components of the Index falling, the largest of which were a-7.2% fall in the perception of family finances over the next year and a -7.5% fall in economic conditions over the coming five years.
Latest National Auction Clearance Rates

Last week there were 1,308 capital city properties taken to auction, up from a total of 554 auctions the previous week. The combined capital city auction clearance rate was recorded at 61.7% last week, rebounding from 58.7% over the previous week. RP Data collected results for just over 86% of all capital city auctions which took place last week. In Melbourne, Australia’s largest auction market, the clearance rate was recorded at 63.2% last week, down from 76.4% the previous week with the number of auctions increasing from 95 the previous week to 544 last week. In Sydney, the auction clearance rate rebounded from 58.2% the previous week to 66.4% last week. Auction volumes across the city also increased last week to 528 from 328 over the previous week. Auction activity is set to remain relatively steady this week, with our figures indicating that there will be 1,293 capital city auctions taking place over the week. Clearance rates

Advertised Stock on the Market

The number of new listings being added to the market fell by -4.3% over last week. 43,336 new listings were added to the market nationally, with 25,736 of these located in a capital city.With a fall in the number of new properties listed for sale there has also been a fall in the total number of properties available for sale. There were 286,630 homes advertised for sale over the past four weeks. Across the combined capital cities, there were 129,253 homes available for sale, 45% of the total stock available for sale.Total listings nationally are now 1.2% higher than they were at the same time last year. Across the capital cities, total listings are -1.1% lower than they were a year ago. Weekly listings

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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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