Building approvals are at a 2-year low. In fact, only 849 units were approved in Sydney in November and a somewhat healthier 1,922 in Melbourne. Annual approvals for attached dwellings are running at around decade lows in the major cities, and are sinking fast again in Brisbane. Detached house approvals are falling away fast in…
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…
Australians desperately need more affordable homes, particularly homes for rent. The prospect of home ownership is rapidly receding for many people, especially younger generations (as the chart below shows). More people than ever are being forced into a tight rental market. Making things worse, many traditional providers of residential rentals, the “mum and dad” investors,…
The Australian property market has seen its fair share of ups and downs over the past few years, and 2023 is shaping up to be no different. As we head into this new year, there are a few key themes that are expected to dominate the market. These themes will have an impact on the…
Australia’s first multi-city region, the Six Cities Region, is being developed in New South Wales. A multi-city region, also known as a mega-region, establishes an integrated network of globally and locally connected cities. The Six Cities Region spans the Lower Hunter and Greater Newcastle City, Central Coast City, Illawarra-Shoalhaven City, Western Parkland City, Central River…
