The Australian Bureau of Statistics (ABS) released data on construction work done over the September 2015 quarter earlier this week.
The data showed that over the quarter there was $49.04 billion worth of construction work done which was the lowest value of work done since the December 2011 quarter.
Over the quarter the value of work done has fallen 3.6% and it is 3.7% lower than over the same quarter last year.
The $49.04 billion figure consists of $24.16 billion worth of building work and $24.884 billion worth of engineering work.
Over the quarter the value of building work done rose (0.6%) while engineering work fell (-7.3%) and is now at its lowest level since March 2011.
Building work is split into two categories which are: residential and non-residential.
Residential work is the key driver of the expansion in total building work done, up 2.0% over the quarter and 12.4% higher over the year
compared to falls of -1.9% over the quarter and -3.0% over the year for non-residential construction.
In terms of the value of work done as a proportion of total work, residential construction is at its highest level since June 2008, engineering construction is at its lowest level since December 2010 and non-residential construction is at its highest level in two quarters.
The Australian Prudential Regulation Authority (APRA) released September quarter data on Australian Authorised Deposit-taking.
Institutions (ADIs) property exposures earlier this week and you can read a much more detailed analysis of the data on the CoreLogic
Research Blog. The data showed that the average outstanding balance of a mortgage to an Australian ADI as at September 2015 was $246,400 which was 2.5% higher over the year.
Over the quarter, the value of new interest-only loans fell quite sharply, down -11.5% however, they have still increased by 8.4% over the past year.
There’s also been a market slowdown in high loan to value ratio (LVR) lending which means buyers are using larger deposits.
Over the September 2015 quarter, just 9.4% of new loans had an LVR higher than 90% and 14.1% had an LVR of between 80% and 90%.
Based on this data just 23.5% of all new mortgage lending had an LVR of greater than 80% which was the lowest on record based on this data which goes back to the March 2008 quarter.
3,166 auctions were held over the past week which was the second week in a row with more than 3,000 auctions.
CoreLogic collected results for 91% of all auctions held.
The weighted average clearance rate across the capital cities last week was 59.5% which was down from 62.3% the previous week and the lowest weighted average clearance rate since February 2013.
Sydney had 1,116 auctions held last week and a clearance rate of 56.7%; the lowest auction clearance rate for the city since early February 2013. 1,510 auctions were held in Melbourne last week with a clearance rate of 64.7%, the lowest clearance rate since early February this year.
Melbourne’s auction market has proved to be more resilient compared with Sydney, with auction clearance rates remaining higher than Sydney’s consistently since the second week of September.
The national number of newly advertised properties was -4.9% lower relative to the same period one year ago to reach 50,857 properties added to the listings pool over the past twenty eight days.
Across the combined capital cities new listings are -4.0% lower than they were at the same time last year.
Melbourne (+0.1%), Adelaide (+2.0%) and Canberra (+13.3%) are the only capital cities where new listings are higher than a year ago.
The total number of properties available for sale is also lower than a year ago across both the national (-2.5%) and combined capital cities (-1.3%).
The capital cities with a higher number of total listings relative to a year ago are: Sydney (+5.3%), Perth (+8.1%) and Darwin (+11.8%).
In Sydney, total listings continue to rise and are at their highest level since March 2013.
Higher listing numbers implies more choice for buyers which is likely to dampen upwards pressure on value growth.
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.
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.