Home values in Australia increased 2.8% in the June quarter, the highest quarterly movement since January 2022, but the pace of growth has eased on a monthly basis, from 1.2% in May to 1.1% in June.
This was according to CoreLogic’s latest Monthly Chart Pack, which also showed that home values were down -5.3% year-on-year in June despite a recent bounceback.
Residential real estate in Australia had a total value of $9.8 trillion at the end of June, an increase from the $9.6 trillion in the previous month, but well below the peak of $10 trillion in April.
Regional South Australia delivered the highest annual growth in dwelling values across the regional and capital city dwelling markets, with values lifting 8.7% in the past year, while the lowest change in home values was across Hobart, where home values fell -12.7% in the last 12 months.
An estimated 35,523 sales were made in June nationally, down compared to a previous five-year average of 39,180 for June. The six-month moving trend suggested a stabilisation in sales volumes, despite being down from recent highs in 2021, CoreLogic said.
Properties were taking longer to sell nationally, with the median days on market up to 34, from a recent low of 30 days in the three months to April.
At the median level, vendors are now offering less discount on their property, from 4.2% in the March quarter to -4% in the June quarter – the lowest median vendor discounting rate since three months to May 2022 (-3.6%).
When it comes to new listings, the figure saw a slight uptick in recent weeks, totalling 32,568 nationally in the four weeks to July 2, but still -7.9% lower than the historic five-year average.
Over the same period, listings totalled 130,950 at the national level, trending lower than the previous five-year average due to the relatively low volume of new listings, against a normalising in sales volumes, CoreLogic reported.
The four weeks ending July 2 also saw the combined capital cities clearance rates ease, averaging 67.7% – that was down from an average final clearance rate of 71.3% in the four weeks prior, but remained high compared to the average 55% in the equivalent period of 2022.
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