Westpac and the Melbourne Institute released their monthly measure of consumer sentiment for October 2013 earlier this week.
The October results of the Consumer Sentiment Index recorded a -2.1% fall over the month with each component of the index falling except for family finances over the past 12 months and time to buy a major household item.
Although the index recorded a fall over the month, it sits at a level 9.2% higher than it was in October 2012 highlighting a noteworthy improvement in the consumer mindset over the year.
On a rolling six month average basis, consumer sentiment was recorded at 104.4 points in October 2013 and has been above 100.0 points for each of the past nine months, again highlighting the recent improvement in the consumer mindset.
The Australian Bureau of Statistics (ABS) released overseas arrivals and departures data for August 2013 earlier this week. The data showed that over the past 12 months, net annual permanent and long-term arrivals to Australia increased by 308,760 persons.
This figure was 6.1% higher than it was 12 months ago and is currently at its highest level since November 2009. The ongoing increase in permanent and long-term arrivals indicates a likelihood of further increases to net overseas migration as more recent data is released.
[sam id=38 codes=’true’]At RP Data we released our latest Pain & Gain Report earlier this week. The Pain & Gain Report looked at house and unit sales over the June 2013 quarter and focuses on the proportion of properties which sold for less than and more than their previous purchase price.
Across the nation, 12.0% of properties re-sold at a loss compared to 12.5% over the March 2013 quarter. Across the individual regions: Perth (5.0%), Sydney and Canberra (both 6.2%) and Melbourne (8.1%) had the lowest proportion of re-sales at a loss.
On the other hand: Regional Queensland (27.5%), Regional Tasmania (20.9%), Regional South Australia (18.7%) and Regional Western Australia (18.6%) had the highest proportion of loss making re-sales.
National Auction Clearance Rates
Across the combined capital cities, there were 1,501 auctions last week up from 1,243 the previous week and the auction clearance rate fell to 69.3% last week from 73.5% the previous week.
In Melbourne auction volumes rose from 92 the previous week to 866 last week with the clearance rate falling from 77.8% to 71.3%. Auction volumes were quite light in Sydney probably due to a long weekend and the NRL Grand Final.
Last week there were 398 auctions throughout the city, down from 891 over the previous week and clearance rates were fairly steady at 79.0% down from 79.3% the previous week.
There are 2,089 capital city auctions currently planned for this week, a significant increase in volumes now that there are no grand finals or long weekends to contend with. Clearance rates map
Weekly Advertised Listings
Over the four weeks to 6 October 2013, there were 45,895 newly advertised properties listed for sale nationally. The number of new property listings increased by 4.6% over the week and are 0.1% higher than at the same time last year.
Across the combined capital cities, new listings were 5.9% higher over the week and are 2.8% higher than they were a year ago.
There are currently 258,653 properties listed for sale across the country. Total listings at a national level have increased by 1.3% over the week and they are -5.3% lower than they were at the same time last year.
Across the combined capital cities, total listings have increased by 2.1% over the week and they are -12.5% lower than they were at this time a year ago. Capital city listings account for around 43% of all listings nationally.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.