The penultimate auction weekend for 2023 has produced generally lower clearance rates in most capitals from another big end of year day of Saturday listings. Auction results around Australia, Saturday December 9th 2023: Capital City This Week Last Weekend Auctions Rate Auctions Rate Sydney 844 66.9% 859 69.6% Melbourne 1117 61.5% 1071 65.2% Brisbane 98…
Articles by Dr. Andrew Wilson
Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.
National house prices have continued to record strong results over November although growth rates in most capitals have eased marginally compared to the previous month’s robust results. The national capital city median house price again increased sharply by 0.7% over the November quarter compared to the October quarter – rising to $1,085,389, according to the…
Home rental markets generally eased over September providing some modest relief for tenants although vacancy rates remain at near record-low levels. Following a sharp decline in vacancy rates over the previous month, September results were higher for most capitals with a number also reporting an easing in house rents. Brisbane however was the top monthly…
Home building approvals fell again over November, with the underlying trend continuing to decline following the surge recorded in 2021. The ABS reports that building approvals for total private sector dwellings were lower by 10.2% over November compared to the previous month and have now fallen for three consecutive months for the first time since…
Home lending fell sharply over September with the rate of decline accelerating significantly compared to the more moderate August fall. The ABS reports that the value of home loans seasonally adjusted (excluding land and alterations and additions) decreased by 7.8% over September compared to the previous month and is now 19.7% lower than reported over…
Home lending fell sharply over June following the modest recovery recorded in May, with housing market activity impacted by higher interest rates and the onset of the typically quieter winter selling season. Higher interest rates have added to the impact of strong price growth over the past year significantly reducing home loan affordability and sidelining…
Home lending activity recovered modestly over May following the sharp decline recorded in April that reflected that month’s holiday distractions. Declining affordability as a result of recent strong home price growth over the past year however has acted to reduce buyer capacity and decrease home lending from recent record levels. The ABS reports that the…
The RBA has followed up its shock May official rate rise – the first in over a decade, with another increase over June – but this time by an extraordinary, near-record 0.5%. June’s rate increase is the highest since the same result recorded in February 2000 and the second-highest on record behind only the 0.75%…
Home lending activity declined sharply over April with buyer activity sidelined as a result of holiday distractions, the looming federal election and the increased likelihood of higher interest rates impacting confidence. Declining affordability as a result of recent strong home price growth has also acted to reduce buyer capacity and decrease activity levels. The ABS…
The latest economic data released by the ABS has revealed a continuation of the underwhelming results reported since the RBA surprisingly increased official interest rates last month for the first time in over a decade. The ABS revealed that GDP increased by a moderate 0.8% over the March quarter – well below the 3.3% increase…