Australia’s COVID-induced whirlwind love affair with the country’s hottest regional cities has run its course with values declining sharply as vendor discounts climb and days on market blow out. CoreLogic’s Regional Market Update, which examines Australia’s 25 largest non-capital city regions, shows 13 areas recorded an increase in house values over the year to January…
Articles by Eliza Owen
Eliza is head Of Residential Research Australia for Corelogic and a respected property market commentator. Eliza holds a first class honours degree in economics from the University of Sydney
As Australia’s rental market continues to tighten to record levels, the pace of rental growth has slowed for the second consecutive month, possibly due to a seasonal lift in rental stock combined with affordability constraints. CoreLogic’s Quarterly Rental Review for Q4 2022 shows the Australian dwelling market saw a slowdown in the pace of rent…
The CoreLogic Daily Home Value Index (HVI) hit a record decline of -8.40% on 7 January 2023 after peaking on 7 May 2022. The result takes the national housing downturn into new territory, breaking the previous record in peak-to-trough declines, when home values fell -8.38% between October 2017 and June 2019. While the housing downturn…
Springtime typically draws out buyers and sellers of real estate in Australia, with longer daylight hours, fine weather and lush gardens enhancing the look and feel of properties. For a decade prior to the pandemic, there was an average uplift of 21% in new listings nationally between winter and spring. New listings hitting the market…
NSW first home buyers (FHBs) will have the option to swap stamp duty for an ongoing property tax from 16 January 2023 after the NSW Government passed the ‘First Home Buyer Choice’ policy in mid-November. While this will be welcome news for first-home buyers, especially those who do not qualify for concessions on stamp duty,…
Unpacking the 2022-23 Federal Budget, the Housing Accord and implications for the residential sector
Restrained spending has characterised the Albanese Government’s first federal budget. With Treasury forecasting annual headline inflation to hit 7.75% in the December quarter, key considerations for fiscal policy range include increasing productivity and moderating spending to minimise inflationary pressures. Various measures seek to increase labour force capacity, including upskilling workers through subsidised tertiary education, boosting…
As the property downturn spreads across more Australian housing markets, both buyer and seller activity has softened. However, demand for housing finance across owner occupiers that are not first home buyers (i.e., subsequent buyers defined as upgraders, movers, and downsizers) appears to be fairly resilient in the rising rate environment. Using ABS housing finance data…
At the board meeting on 4th October the RBA took the cash rate target 25 basis points higher, a lower increase than in the preceding four months. At 2.6%, the cash rate target is now at the highest level since July 2013 and surpasses the decade average prior to the onset of COVID-19 (which was…
Traditionally, spring is a time of fervent activity for the Australian property market as sales and listings increase. However, spring 2022 is expected to hit a little differently amid higher mortgage rates, weak consumer sentiment, stretched household budgets, and weaker buyer interest. Buyer segments may perform differently than others, and there’s likely to be a…
While inflation has implications for housing demand, housing itself influences inflation. By understanding how inflation and housing fit together, the market outlook for the year ahead becomes a little clearer. ABS figures showed the highest annual rate of inflation in June 2022 in almost 32 years. As we head into the new financial year, annual inflation is…