End of Week Property Market Update: RPData- Tim Lawless

The RP Data-Rismark Home Value Index results for November were released earlier this week. The results showed that capital city home values increased by 0.1% over the month and are now 8.0% higher over the past year.

Sydney has recorded the largest annual values growth (12.5%) followed by: Perth (8.9%) and Melbourne (6.6%). All other capital cities have recorded annual value growth of less than 3.0% with values falling by -1.4% in Hobart.

The Australian Bureau of Statistics (ABS) released dwelling approvals data for October 2013 earlier this week. The data showed that dwelling approvals fell by -1.8% over the month however, year-on-year there has been a clear improvement with approvals 23.1% higher.[sam id=36 codes=’true’]

Year-on-year house approvals are 10.3% higher compared to a 39.7% increase in unit approvals. On an annual basis, there were 170,586 total dwelling approvals which was the highest number since April 2011 and 13.6% higher than at the same time last year.

The data also showed that the proportion of dwelling approvals for units was at a record high level over the past year, recorded at 43.4% of all approvals over the year.

The Reserve Bank (RBA) released private sector housing credit data for October late last week. Over the month, private sector housing credit increased by 0.5% with owner occupier credit up 0.4% and investor credit rising 0.6%.

Over the year, housing credit has risen by 6.0% which is its fastest pace of growth since June 2012. Over the year, the rate of growth has been stronger for investor housing (6.4%) than for owner occupier housing (4.3%).

The ABS also released retail trade data for October 2013 earlier this week. The data showed that trade had increased by 0.5% over the month and was 3.6% higher year-on-year. It was the greatest year-on-year increase in retail trade since July 2012.

The greatest year-on-year increases in retail trade were recorded for: clothing, footwear and personal accessory retailing (7.4%), cafes, restaurants and take-away food services (5.7%) and food retailing (3.6%). On the other hand growth in retailing for: department stores (1.3%), household goods retailing (2.2%) and other retailing (2.8%) has been much lower.

National Auction Clearance Rates

The number of auctions across the combined capital cities was at a record high level last week with 3,472 auctions, up from 2,716 auctions the previous week. The combined capital city auction clearance rate increased over the week from 65.4% the previous week to 66.9% last week.

In Melbourne, there were 1,598 auctions last week, up from 1,172 over the previous week. Melbourne’s clearance rate increased from 65.1% the previous week to 67.9% last week. Auction volumes across Sydney also increased over the week from 1,060 the previous week to 1,402 last week.

Auction clearance rates fell over the week from 74.0% the previous week to 72.7% last week, Sydney’s lowest auction clearance rate in 22 weeks. This week is set to be another busy auction week with 3,031 capital city auctions scheduled to take place.


Weekly Advertised Listings

Over the four weeks to 1 December 2013, there were 49,939 newly advertised properties listed for sale nationally. The number of new property listings fell by -3.4% over the week and new listings remain -1.5% lower than at the same time last year. Across the combined capital cities, new listings were -4.8% lower over the week however, they are 2.4% higher than they were a year ago.

There are currently 266,690 properties listed for sale across the country. Total listings at a national level were 0.9% higher over the week however, they are -7.7% lower than they were at the same time last year.

Across the combined capital cities, total listings have increased by 1.2% over the week although they are -13.0% lower than they were at this time a year ago. Capital city listings account for around 44% of all listings nationally.

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Tim Lawless


Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au

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