The week that was in Property

Late last week the Australian Bureau of Statistics (ABS) released labour force data for January 2016.

The data showed that over the month the unemployment rate rose from 5.8% in November and December to 6.0% in January 2016.

The number of employed persons decreased by 7,922 persons over the month however, year-on-year the number employed has increased by 298,308 persons. book story house property dream first home learn real estate

The year-on-year change in full-time employment has been recorded at 2.3% compared to a greater 3.7% rise in part-time employment.

The ABS released its quarterly wage price index data for December 2015 earlier this week.

The data showed that wages increased by 0.5% over the quarter with both public and private sector wages rising by the same amount.

Over the past year, wages have increased at a record low rate of 2.2% with private sector wages rising by 2.0% compared to a 2.6% annual rise in public sector wages.

The ABS also released December 2015 quarter data for construction work done earlier this week.

Over the final quarter of last  year there was $48.4 billion worth of construction work completed which is -3.6% lower over the quarter and -4.3% lower yearon- year.

Building construction has lifted 2.7% for the quarter and 8.0% year-on-year and it now accounts for 51.6% of all construction work.

This figure is split between $16.0 billion in residential construction work and $9.0 billion in non-residential work.

Total engineering construction work had a value of $23.4 billion, falling by -9.5% over the quarter and -14.7% year-onyear.

Engineering construction work peaked broadly in line with the peak in the commodity boom at $33.7 billion over the December 2012 quarter and has now fallen by -30.5% from this peak.

Meanwhile building construction activity has lifted by 22.8% from its recent trough of $20.4 billion in September 2012.


Over the week ending February 21, 2016 there were 2,347 auctions held across the capital cities with CoreLogic collecting 2,106 results, accounting for almost 90% of all auctions held.


The final auction clearance rate for the week held steady at 71.8%, the same result recorded over the previous week, however auction volumes were significantly higher than the 1,400 held over the previous week.

Last week, across Melbourne, the largest capital city auction market, 1,105 auctions were held with a clearance rate of 74.1%, having fallen slightly from 74.4% the previous week.

Sydney’s clearance rate also fell slightly over the week, down to 76.5% last week from 78.1% over the previous week.

Clearance rates strengthened over the week in Sydney and Perth, while across Adelaide and Canberra, clearance rates were lower last week relative to the previous week.


Note that sales listings are based on a rolling 28 day count of unique properties that have been advertised for sale.


Relative to the same period last year, the number of new listings over the past twenty eight days is 5.5% higher on a national basis and the total volume of stock on the market is 2.8% higher than it was last year.

Across the combined capital cities, new listings are 5.1% higher relative to last year, while total listings are 6.5% higher.

On a city by city basis, new listings are higher in each of Sydney (+5.4%), Melbourne (+8.3%), Brisbane (+8.8%) and Adelaide (7.0%), while in all other capital cities, the current volume of stock being added to the market is lower than it was one year ago.

In terms of the total stock available for sale, buyers in all cities, with the exclusion of Hobart and Canberra, have more stock available to choose from this year, with the total volume of listings in Sydney, Perth and Darwin significantly higher this year.




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

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