️ Highlights:
1. Sale volumes in Brisbane, Adelaide, Perth, and Darwin are currently exceeding historic averages, indicating a strong market in these regions.
2. The value of residential real estate in Australia was estimated at $10.3 trillion at the end of January, remaining relatively steady compared to the previous month.
3. Regional dwelling values are increasing at a faster pace compared to the capitals, with a growth rate of 1.2% compared to 1.0% in the combined capital city market.
4. Perth experienced the highest capital growth performance, with home values increasing by 16.7% in the year to January. Perth also had the strongest quarterly growth among capital cities, rising by 4.9%.
5. The median selling time for a capital city dwelling was 29 days, while the median selling time in regional Australia was 44 days. This indicates a slightly slower sales market, partly due to the seasonal slowdown in sales activity.
CoreLogic’s February Housing Chart Pack Delivers Essential Insights
CoreLogic’s February 2024 Housing Chart Pack presents a detailed analysis of Australia’s residential property market, offering crucial statistics, trends, and figures. This comprehensive overview highlights the resilience and dynamics of the housing sector, providing valuable insights for investors, homeowners, and industry stakeholders.
Key Highlights from the February Chart Pack
- Stable Property Values: The estimated value of residential real estate stood at $10.3 trillion at the end of January, maintaining stability from the previous month.
- Regional Markets Outpace Capitals: Regional dwelling values are increasing at a faster pace compared to capital cities, with a 1.2% rise compared to 1.0% in the combined capital city market.
- Perth Leads in Capital Growth: Perth demonstrated exceptional capital growth performance among the greater capital city markets, with home values increasing by 16.7% in the year to January.
- Sales Volume Remains Robust: CoreLogic estimates 28,917 sales in January, bringing the national annual count to 499,162, aligning with the previous year’s figures and 3.6% above the five-year average.
- Extended Selling Times: The median selling time for capital city dwellings was 29 days, and 44 days in regional Australia, reflecting a seasonal slowdown in sales activity.
- Strong Start to the Auction Market: The 2024 auction market began strongly, with the combined capitals’ clearance rate significantly higher than the final weeks of 2023.
- Rent Values Continue to Climb: Australian rent values increased by 0.8% in January, accelerating annual growth to 8.3% from 8.1% in October 2023.
- Dwelling Approvals Dip: December saw a 9.5% decrease in dwelling approvals, driven by a 22.4% decline in the unit segment, while house approvals remained relatively stable.
Implications for the Australian Housing Market
The February Housing Chart Pack underscores the ongoing strength and complexity of Australia’s housing market. The continued growth in regional areas, coupled with robust sales volumes and a strong start to the auction market, suggests sustained interest and confidence in residential property. However, the dip in dwelling approvals and extended selling times indicate areas of caution and the need for strategic planning and investment.
Conclusion
CoreLogic’s February 2024 Housing Chart Pack offers an invaluable snapshot of the current state and future prospects of Australia’s residential property market. With detailed insights into property values, sales volumes, and market trends, this report is an essential resource for understanding the dynamics shaping the housing sector.