Australian Housing Market Update: Key Takeaways

️ Highlights:

1. National home values in Australia increased by 2.2% in the three months to September, slightly down from the previous quarter’s growth rate of 2.4%.

2. The combined capital cities saw a 0.9% increase in dwelling market value in September, surpassing the 0.4% increase in the combined regional market.

3. The growth rate for housing across the combined capitals has slowed since June but has remained steady in recent weeks.

4. The median amount of time it took to sell property in the September quarter was 30 days nationally, with regional Australia experiencing a greater increase in time on market compared to the previous year.

5. Vendors are offering less of a discount on their properties, with the national median vendor discount increasing to -3.8% in the three months to September.

1. National Home Value Growth: The latest data reveals a 2.2% surge in Australia’s national home values over the three months leading up to September. This represents a slight deceleration from the 2.4% growth observed in the preceding quarter.
2. Capital Cities vs. Regional Markets: In a comparative analysis between urban and regional areas, the combined capital cities witnessed a 0.9% uptick in dwelling market value in September. This growth outpaced the 0.4% rise seen in the combined regional market.
3. Steady Growth in Capital Cities: Although the growth rate of housing values in the combined capitals has experienced a slowdown post-June, the rate has remained consistent in the subsequent weeks.
4. Property Sale Duration: On average, properties across the nation were sold within 30 days during the September quarter. Notably, properties in regional Australia took a longer time to sell compared to the same period last year.
5. Vendor Discounts: The trend indicates that sellers are becoming less inclined to reduce their property prices. The national median vendor discount has risen to -3.8% in the three months leading up to September.

These highlights provide a concise overview of the current trends and dynamics shaping the Australian housing market.