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This week’s Australian Property Market Update – Latest Data, State by State July 4th, 2022 - featured image
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This week’s Australian Property Market Update – Latest Data, State by State July 4th, 2022

key takeaways

Key takeaways

The downtrend in our property markets continues as buyer and seller confidence wanes.

Sydney property prices dropped -0.3% from last week, dropped -1.6% over the past 28 days, but are up 5.5% over the last 12 months.

Melbourne property prices dropped -0.2% from last week, dropped -1.2%  over the past 28 days and are up 2.9% over the last 12 months.

Brisbane property prices remained flat from last week, dropping -0.1% over the past 28 days and up 25.4% over the last year.

Overall Australian capital dwelling prices decreased -1.0% over the last 28 days and 8.2% higher year on year.

Our property markets are taking a breather!

The media remains full of negative messages and consumers are getting concerned about rising interest rates and the talk of the possibility of a recession.

While overall, our economy is performing sound, consumer sentiment – both fear and greed – tends to drive our property markets, and at the moment both buyer and seller confidence is fragile in the face of all the negative media.

So many discretionary buyers and sellers are just sitting on the sidelines.

But our property markets are always quieter in winter, and particularly during the school holiday period.

Over the weekend auction markets continued to hold the line, but listing numbers continue to weaken being distracted by school holidays.

Here's what's happening to property prices...

  • Sydney property prices dropped -0.3% from last week, dropped -1.6% over the past 28 days, and up 5.5% over the last 12 months.
  • Melbourne property prices dropped -0.2% from last week, dropped -1.2%  over the past 28 days and up 2.9% over the last 12 months.
  • Brisbane property prices remained flat from last week, dropping -0.1% over the past 28 days and up 25.4% over the last year.

Overall Australian capital dwelling prices decreased -1.0% over the last 28 days and 8.2% higher year on year.

1 Weekly Change

2 Monthly Change

3 12 Month Change

Monthly Change In Home Value Index 04 July

To help keep you up-to-date with all that's happening in property, here is my updated weekly analysis of data and charts as of 4th July 2022 provided by CoreLogic, and realestate.com.au.

The number of A-grade properties for sale in Australia is still in short supply

While there are more properties on the market for sale, there is still a shortage of A-Grade properties and these are selling quickly

Despite there being more houses on the market for sale at present, remember that buyers are sellers and sellers are buyers so in most cases each time a property is sold another buyer is out in the market looking for a new home.

The table below shows the tables are turning in favour of buyers with more properties coming onto the market giving them more choice, hence the lack of urgency.

Capital City Properties Listed For Sale 04 July

Listings 12 Month Change 04 July

Median property prices


Median House Prices

Median House Prices

Number Of Homes For Sale Combined Capital Cities 04 July

READ MORE: The latest median property prices in Australia’s major cities


Vendor Metrics

At a national level, properties are taking slightly longer to sell than they were during the property boom of last year.

However we're still in a seller's market with the number of days to sell the property very low (a sign of the tight supply situation for good properties), and vendor discounting still at very low levels.

In general, houses are selling better than apartments, but the shortage of good properties on the market is seeing A-grade properties selling quickly with minimal discounting.

vendor metrics

vendor metrics

vendor metrics

ALSO READ: Latest property price forecasts revealed. What’s ahead in our housing markets in the next year or two?


Our Rental Markets

Our rental markets have been tightening further with vacancy rates for both houses and apartments extremely low across the country.

Annual Change In Rents Units 30 June

Annual Change In Rents Houses 30 June

Weekend's auction clearance rates

Auction clearance rates held their own this weekend being much the same as last week, but there were significantly fewer properties for sale by auction than normal in part because of the school holidays.

But with the media being full of negative messages again this week buyers remain cautious and vendors are also losing confidence fast, with auctions being cancelled or withdrawn from sale.

At the same time, more homes are being sold before auction as sellers rush to make a deal rather than risk not getting a sale as vendors are becoming less willing to test the marketplace under true auction conditions.

Other properties are being passed in at auction, but selling straight after on negotiation with the vendor post-auction.

The auction clearance rate doesn't always reflect this.

However, it is likely that we'll see further falls in the auction clearance rates moving forward reflecting weaker buyer confidence, poor affordability and rising mortgage rates.

Dr Andrew Wilson of My Housing Market reported a national auction market clearance rate of 64.2% this weekend, which was a little lower than last weekend’s 65.4% and significantly lower than the 79.8% recorded on the same weekend last year

Dr Andrew Wilson reported the following auction preliminary clearance rates for Saturday 2nd July:

  • Adelaide auction clearance rate - 75.9%
  • Brisbane auction clearance rate- 64.9%
  • Canberra auction clearance rate- 52.3%
  • Melbourne auction clearance rate - 64.2%
  • Sydney auction clearance rate- 63.7%

 

Melbourne Auction Clearance Trend

Auction Listing Trend

Source of graphs and data: Dr Andrew Wilson's My Housing market, CoreLogic, REA

READ MORE: This weekend’s auction clearance results

About Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit Metropole.com.au
53 comments

Sue median price is one of the most reported stats, but one of the least accurate - please read why not to trust median prices

0 replies

Hi, I bought an investment property in Brisbane just under a year ago and enjoy reading your articles every day. I have been excitedly watching the reported growth in Brisbane but quite disappointed that the house value showing in the median price t ...Read full version

1 reply

You shared a great post. Thank you for sharing awesome information with us.

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