Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.
The 2024 auction season has principally concluded with solid results overall although clearance rates in some capitals were predictably lower as the holiday season rapidly approaches. This weekend’s auction results around Australia: Capital City This Week Last Week Saturday Last Year Auctions Rate Auctions Rate Auctions Rate Sydney 979 61.7% 1169 62.4% 925 66.2% Melbourne…
National home prices have continued to rise over November with 2024 clearly set to produce another positive year for capital city housing markets generally. The national capital city median house price increased by 0.6% to $1,163,921 over the November quarter compared to the October quarter results, according to the latest data from My Housing Market….
Capital city home rental markets reported varied results over the first month of spring with vacancy rates continuing to tighten following the mid-year easing. House rents however were generally lower again with mixed rental growth for units. Most capitals again reported lower house rents over September with the exception of volatile Darwin with an increase…
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…
