What's going on in our property market in these uncertain times?
How has COVID 19 affected us?
That's clearly important to know because the performance of the property market directly and indirectly impacts the livelihood and success of hundreds of thousands of Australian individuals and businesses.
Property remains the largest asset class in Australia by market value.
The COVID-19 pandemic is reshaping the way our world is interconnected, from how we do business to how we live our lives, and property is no exception.
With access to comprehensive ,daily, wide-ranging data across all aspects of the property lifecycle, CoreLogic is uniquely placed to provide the clarity needed in these uncertain times.
This new Early Market Indicators Report provides a series of real-time data points that indicate how the market is traversing these uncharted waters.
Here are the most current stats as at 26th April 2020
This tracks the change in the number of CMA’s being generated on CoreLogic Platforms–rolling 7 days.
A Comparative Market Analysis(CMA) is a report generated by realestate agents to enhance their conversations with potential customers who are looking at selling their property.
The volume of CMA reports generated is one of the earliest indicators we have for turnover in the property market, with the volume of CMA generation leading the volume of new residential property listings by about two weeks.
This is the change in the number of new residential listings being advertised for sale or rent in the past 7 days.
‘New’ listings means the count is of listing events that have not so far been seen in the current calendar year.
This measure provides insight regarding the volume of new properties coming on to the market.
An increase in new listings suggests an increasing supply of stock available, and higher seller or lessor activity.
A fall in new listings suggests less stock available, and less seller or lessor activity.
Understanding this measure alongside other CoreLogic data such as number of sales, time on market and vendor discounting rates provides further insight on the balance between property market supply and demand.
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
- Also read:Sydney property market forecast for 2024
This is thee change in the number of valuations being ordered on CoreLogic Platforms– rolling 7 days
CoreLogic systems account for the large majority of mortgage related valuation activity across the financial sector, where industry participants use CoreLogic platforms to order and manage the property valuations they need to support lending and other financial activity.
The financial sector uses property valuations for many purposes, including loan origination, for re-financing, new purchases, construction and re-possession.
Aggregating this data, CoreLogic is able to provide virtually a ‘realtime’ view on mortgage related lending activity.
Refinance: Valuations related to refinancing. This is derived using data from CoreLogic's valuation platforms.
Purchases: Valuations related to new purchases. This is derived using data from CoreLogic's valuation platforms
Construction: A construction valuation requires an inspection of the subject property by a qualified valuer, along with a review of relevant building documentation and construction plans, to determine the market value of the property "as if complete" at the date of valuation.
MIP: A Mortgagee In Possession valuation requires an internal and external inspection of the property by a qualified valuer to determine the current market value of the property for the mortgagee in possession.
Here's what we mean...
WoW: % change in volumes transacted for the current 7 day period vs. prior 7 day period
SWLY: % change in volumes transacted for the current 7 day period vs. same 7 day period in the prior year
MoM: % change in volumes transacted for the current 28 day period vs. prior 28 day period
SMLY: % change in volumes transacted for the current 28 day period vs. same 28 days period in the prior year
YTDYoY: % change in volumes transacted for the current calendar year through to current week vs. the same period in the prior calendar year