Not every Australian housing market has performed the same way since the onset of the COVID-19 pandemic. The latest CoreLogic Home Value Index results revealed that since March, Melbourne property values fell 3.5%. Meanwhile, the ACT dwelling market reached a record high. From June to July, the rate of decline eased across Perth from -1.1%…
On the 27th of July, the New South Wales government announced eligible first home buyers could access stamp duty exemptions on new home purchases worth up to $800,000. New home builds will also see stamp duty discounts available for purchases between $800,000 and $1 million, where the discount reduces with a higher purchasing price. The…
National rents fall by half a percent over the June quarter as COVID-19 pivots the trajectory of the rental market. The decline in rent values over the quarter came at a time when the rental market was already relatively weak. Annualised growth in national rent values was just 1.1% in the five years to June…
Last Thursday’s lending indicator data from the ABS shows the value of new finance commitments for the purchase of dwellings fell by a record 11.6% over May 2020. This is the largest single monthly drop in the 18 year series. In seasonally adjusted terms, it represents a $2.2 billion monthly fall in the value of…
The stringent government response to COVID-19 has undoubtedly placed the property market cycle at the cusp of another downswing. So far, property value declines have been fairly mild. Nationally, the May home value index results show that the dwelling market declined just 0.4% over the month, and preliminary indicators for June are showing the rate…
Over the past two months, economic and housing market indicators have been fairly subdued. However, they have shown an improvement since April. A rise in sales over May saw a strong absorption of new listings, clearance rates have rebounded since the easing of restrictions, and consumer confidence has rebounded 33.0% since its trough in May….
Amid COVID-19, much attention has been given to weaker rental market conditions. But as with buying and selling property, market conditions vary substantially among regions. New data estimates from CoreLogic, calculating the portion of rental stock advertised, shows further variation in the performance of rental markets across different capital cities. The percentage of rental housing…
The announcement of the HomeBuilder stimulus from the federal government in early June has been met with a mixture of excitement and criticism. The scheme grants $25,000 dollars for new home builds and renovations where: The recipient is an owner occupier; The recipient earns no more than $125,000 per annum as a single applicant or…
The HomeBuilder scheme announced in early June is intended to boost activity in the construction sector. Dwelling construction is expected to see a lagged decline in activity off the back of COVID-19, as the recently recovering trend in dwelling approvals began to slip in April, led by a decline in unit approvals. However, the $25,000…
COVID-19 has brought about downside risks for the economy and housing market. A 0.3% decline in March GDP confirmed a technical recession is underway in Australia, total wages paid fell 5.4%between mid-March and early May, and Australian dwelling market values saw the first month-on-month decline since June 2019. But one surprising sign of stabilising emerged…
