1. Rent values in Australia have increased at a rate of over 8% for the past three years, outpacing the growth of home values.
2. The value of residential real estate in Australia was estimated to be $10.3 trillion at the end of December, remaining relatively steady compared to the previous month.
3. Both the combined capital city dwelling market and the regional dwelling market saw a rise of 1.5% in the December quarter.
4. Perth had the highest capital growth performance in the greater capital city markets, with home values increasing by 15.2% in 2023. Perth also had the strongest quarterly growth among the capital cities, rising by 5.1%.
5. The median time it takes to sell a capital city home increased slightly in the December quarter to 29 days, while the median selling time for regional Australian dwellings increased to 41 days. Discounting rates narrowed as selling times reduced, but there was a slight deterioration in the median vendor discount towards the end of last year.
A Comprehensive Overview of the Latest Trends and Figures
CoreLogic’s January 2024 Housing Chart Pack provides essential statistics, facts, and figures on Australia’s residential property market, offering a detailed snapshot of the current trends and dynamics.
Highlights from the January 2024 Housing Chart Pack
- Annual Growth in Home Values: The report shows fluctuations in annual home value growth, with rent values increasing by more than 8% for the past three years. In 2023, rents outpaced values only three times over a calendar year.
- Residential Real Estate Value: The value of residential real estate was estimated at $10.3 trillion at the end of December, remaining steady compared to the previous month.
- Capital City and Regional Market Growth: Both the combined capital city and regional dwelling markets saw a rise of 1.5% in the December quarter.
- Growth Trajectory for Housing Values: The growth trajectory across the combined capitals has broadly slowed since late May, with growth remaining steady through early January.
- Leading Capital City Performance: Perth led the capital growth performance, with home values increasing by 15.2% in the 2023 calendar year. Perth also had the strongest quarterly growth among capital city dwelling markets.
- National Sales Trends: CoreLogic estimates there were 488,898 sales nationally in 2023, slightly lower than in 2022 but trending higher than the five-year average.
- Median Selling Time and Discounting Rates: The median time to sell a capital city home trended lower through 2023, with a slight increase in the December quarter. Discounting rates also narrowed, reflecting reduced selling times.
Key Takeaways from the Chart Pack
- Rent Value Growth: The report highlights three strong years of consecutive rent value increases, contrasting with mixed capital growth performance.
- Dwelling Approvals: Dwelling approvals increased in November, driven by a rise in the unit segment, but remained relatively low overall.
- Market Outlook: The chart pack provides valuable insights into the housing market’s direction, including growth trends, sales activity, and market conditions.
CoreLogic’s January 2024 Housing Chart Pack offers a comprehensive analysis of Australia’s residential property market, highlighting key trends and developments. This information is crucial for understanding the market’s trajectory and making informed decisions in the real estate sector.