Late last week the Australian Bureau of Statistics (ABS) released demographic data for the December 2015 quarter.
The data showed that over the 12 months to December 2015 the national population increased by 1.4% or 326,073 persons.
The rate of population growth was unchanged over the quarter but has been trending lower following a peak rate of growth of 2.2% in December 2008.
Looking at the components of the national population increase, 148,935 came from natural increase (births minus deaths) while net interstate migration accounted for a 177,138 increase over the year.
Annual net overseas migration is slightly higher relative to the September 2015 results however, it is substantially lower than its peak of 315,687 persons over the 12 months to December 2008.
The Housing Industry Association (HIA) released its monthly new home sales data for May 2016 earlier this week.
The data showed that for the second consecutive month new home sales fell, down 4.4% over the month following a 4.7% decline in April.
According to the release, new home sales fell over the month in New South Wales (-11.5%), Victoria (-8.2%) and Queensland (-11.0%) and increased in South Australia (+3.8%) and Western Australia (+5.4%).
The weekly ANZ-Roy Morgan Australian Consumer Confidence Index released this week showed that over the week ending 26 June 2016, consumer confidence fell by -1.7% which only partially offset the rise over the previous week.
The reading of 116.8 points indicates a fairly high level of confidence which is higher than the long-term average.
Next week’s results will be interesting as consumers become more aware of the repercussions of the United Kingdom’s vote to leave the EU especially in light of the share market weakness so far this week.
Over the week ending June 26 there were 2,218 capital city auctions with CoreLogic collecting results for 2,049 auctions, accounting for more than 92% of all auctions held.
The final clearance rate was recorded at 66.4% down from 67.4% over the previous week.
The number of auctions increased from 2,183 over the previous week.
Last week, across Melbourne, 1,029 auctions were held with a clearance rate of 67.3%. Melbourne auction volumes increased from 1,085 the previous week while them previous week’s clearance rate was higher at 68.3%.
Sydney’s auction clearance rate was recorded at 73.5% across 816 auctions with the clearance rate up from 73.4% across 768 auctions over the previous week.
Across all other regions except for Canberra and Tasmania, auction clearance rates were lower over the past week.
Note that sales listings are based on a rolling 28 day count of unique properties that have been advertised for sale.
Relative to the same period last year, the number of new listings over the past twenty eight days is -6.0% lower on a national basis and the total volume of stock on the market is 1.3% higher.
Across the combined capital cities, new listings are -7.7% lower relative to last year, while total listings are 9.1% higher. On a city-by-city basis, Adelaide (+0.9%), Perth (+0.9%) and Canberra (+9.9%) are seeing a higher number of new listings than a year ago.
In terms of the total stock available for sale, Hobart (-32.9%) and Canberra (-14.2%) are the only capital cities to have fewer total properties for sale than a year ago.
New listings are at their lowest level in 22 weeks both nationally and across the combined capital cities.
Total listings are at their lowest level in 12 weeks both and across the combined capital cities.
Over the coming weeks we would expect fewer new listings as we head further into the seasonally quieter winter months.