This week’s property market wrap from RPData | Tim Lawless

The RP Data CoreLogic Home Value Index results for September 2014 were released earlier this week.

The figures showed home values across the combined capital cities had increased by 0.1% in September and were 2.9% higher over the third quarter of the year.

Over the past 12 months, capital city home values have increased by 9.3% which is well down from its recent peak annual growth rate of 11.5% in April 2014. The 9.3% annual growth rate also represents the slowest annual rate of growth since November 2013.

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Sydney and Melbourne continue to record the strongest rates of value growth however, annual value increases are now at their lowest levels since January 2014 and November 2013 respectively.

The Reserve Bank (RBA) released private sector credit data for August 2014 earlier this week. The data showed that total credit has increased by 5.1% over the past year with housing credit up 6.7%, business credit up 3.2% and other personal credit up 1.1%.

The 6.7% increase in housing credit was the greatest annual increase since February 2011. This data is further split into owner occupier and investor housing credit.

Over the year, owner occupier housing credit rose by 5.4%, its fastest annual rate of growth since February 2012 while investor housing credit was up 9.2% its fastest annual increase since April 2008.

Additional data showed that housing accounted for a record high 60.7% of total outstanding credit to Australian authorised deposit-taking institutions (ADI).

The Australian Bureau of Statistics (ABS) released monthly data on retail trade for August this week. The data showed that retail trade increased by just 0.1% over the month with growth having slowed over the past two months.

On an annual basis, retail trade is 5.1% higher however, the slowing rate of growth over the past six months is a potential cause for concern.

Weekly Clearance Rates

Auction clearance rates were virtually unchanged over the week, with the capital city weighted average clearance rate recorded at 70.9%, up from 70.8% the previous week.

There were 1,369 auctions held over the week compared with 1,243 over the same week a year prior. Auction numbers were lower than the 2,530 recorded over the previous week.auction

RP Data collected 83% of all auction records. The major auction markets of Sydney and Melbourne continued to record healthy auction results.

Sydney’s clearance rate was 76.9% across 933 reported auctions, which was down from 78.0% across 883 reported auctions the previous week.

Melbourne’s auction market recorded a clearance rate of 77.3% across 112 collected auction results. The clearance rate in Melbourne last week was up from 72.1% across 1,221 collected auctions the previous week.

Capital city auction clearance rates

Week ending September 28, 2014

Weekly auction clearance rates

Weekly Advertised Listings

Over the four weeks to 28 September, there were 44,054 newly advertised properties listed for sale nationally. New listing numbers are continuing to slowly trend higher as Spring progresses.sale

Nationally, new listings are -3.2% lower than a year ago, while across the combined capital cities new stock being added to the market is -1.0% lower than at the same time last year.

There are currently 235,399 properties listed for sale across the country. Total listings at a national level were -5.4% lower compared with the same time last year.

Across the combined capital cities, total listings are -9.6% lower than a year ago, highlighting that total stock levels have reduced quite significantly over the year.

Note that sales listings are based on a rolling monthly count of unique properties that have been advertised for sale.

Number of homes for sale

Residential property listings advertised for sale over the four weeks ending 28/09/2014

Advertised 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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