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…
If a picture paints a thousand words, then this collection of charts should do a pretty good job of painting the landscape as it affects our economy and our property markets. Each month the RBA summarises macroeconomic and financial market trends in Australia by providing a detailed chart pack. World Economy Australia’s economy doesn’t operate…
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In this week’s Property Insider chat with Dr Andrew Wilson, I explore a topic that’s on the mind of every property investor, homeowner, and economic enthusiast: the role of the Reserve Bank of Australia in our dynamic property market. Throughout 2023 our housing markets were a major focus for our media. And it was not…
The RBA held the cash rate steady at 4.35% for its last meeting of the year. This was broadly expected as several data flows came in weaker through November. Retail trade fell -0.2% month-on-month, and although still low, the unemployment rate ticked up 20 basis points to 3.7% in October. The monthly CPI measure also…
The latest Domain Vacancy Rate Report for November 2023 shows that for the third consecutive month, Australia’s vacancy rate remains at 0.8% – a record low. A chronic undersupply of rental stock coupled with strong overseas migration and rising property prices against increasing demand are driving the competitive nature of the rental market. However, there…
Total residential property listings modestly rose in November led by some larger percentage increases in Canberra and Hobart. However, Sydney surprised by remaining largely steady in what is normally the busiest month in the year for selling activity. Melbourne recorded a 1.9% increase in total listings for November which represented the largest absolute contribution to…
What’s ahead for our property markets in 2024? Well, according to Domain’s 2023 End-Of-Year Wrap and 2024 Outlook report, continued growth in house and unit prices is anticipated. Dr Nicola Powell, Domain’s Chief of Research and Economics, said: “Some buyers, sellers, and renters proactively adapting to the lingering impact of the 2023 market movements and potential…
Despite all the predictions of property Armageddon due to rising interest rates our property markets turned the corner early this year with all major research houses reporting higher median prices around Australia for eight months in a row. Despite a continuing conveyor belt of negative sentiment in the media, buyer sentiment has changed with early…
The latest Proptrack Home Price Index showed home values have remained resilient to higher interest rates this year, and this continued in November with prices continuing to lift and hitting fresh record highs in many markets, although the pace of growth has slowed due to the increase in properties coming to market. Further, it showed…
CoreLogic’s national Home Value Index (HVI) rose 0.6% in November, the smallest monthly gain since the growth cycle commenced in February. Despite the slowdown, the national HVI reached a new record high in November. After falling -7.5% from a peak in April 2022 to a trough in January 2023, housing values have bounced 8.3% higher…
