Weekly Market Update (24 April 2024)

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Weekly Market Update (24 April 2024)
  1. Housing Affordability Report (Source: ANZ/CoreLogic)

    In the past few years, a rapid increase in housing costs (mortgages and rents) means the proportion of income required to service rents has shifted to the 30 per cent range from the mid-20 per cent range for median income earners in most parts of the country. The report also looks at the vulnerability of low-income earners, where 25th percentile rent values have increased faster than at the median (50th percentile) and high end of the market. In fact, the 25th percentile rent in Australia has risen $53 a week in the past year, almost fully absorbing the $48 increase in minimum wages set by the Fair Work Commission. Mortgage serviceability has also deteriorated as home values have continued to increase, even in a high interest rate environment. Around 37 per cent of properties would be serviceable for buyers spending 40 per cent of Australia’s median income, compared to 17 per cent of properties using 30 per cent of median income.


  1. Preliminary Clearance Rate (Source: CoreLogic)

    The preliminary capital city clearance rate for auctions was 74.4% last week, up from the previous week’s 72.7%. Sydney and Melbourne had preliminary rates in the early 70% range, and Adelaide stood out with an 86.5% rate. Over the past four weeks, the average preliminary clearance rate was 73.5%. Auction activity has decreased post-Easter, with the lowest number of weekly auctions since February. Final clearance rates are published each Thursday, with CoreLogic collecting 99% of auction results each week. Overall, there has been consistent auction activity, with fluctuations in clearance rates, and various regions showing different trends.


  1. House Price Report (Source: Domain)

    The combined capital city and regional housing markets in Australia have seen strong growth in property prices, with record highs in cities like Sydney, Brisbane, Adelaide, and Perth. While the growth rate has slowed, factors like low housing supply, population growth, tight rental markets, and affordability challenges have continued to support the market. However, the market has shown signs of a slowdown in major cities like Melbourne and Canberra. Additionally, rental conditions have driven first-home buyers towards purchasing, particularly in more affordable markets like Perth, Brisbane, and Adelaide. Overall, the Australian property market continues to defy challenges, with various cities experiencing different trends in housing prices.


  1. Affordability Hotspots (Source: PropTrack)

    The PropTrack Affordability Hotspot Report, launched to aid first-home buyers, reveals that Western Australia and Queensland are the top hotspots for housing affordability. The report identifies Perth’s Kwinana as the most affordable capital city region, while regional areas, especially in the outback, also offer favorable affordability. Sydney and Melbourne present challenging affordability, although there are more affordable pockets in the west and south-west of Sydney and the inner city of Melbourne. Brisbane, particularly the southern and western areas, also features favorable affordability.


  1. CoreLogic Auction Results (Week ending 21 Apr 2024)
    (Total Auction / Clearance Rate)

    – Sydney: 613 / 73.8%

    – Melbourne: 877 / 72.7%

    – Brisbane: 177 / 75%

    – Perth: 9 / 66.7%

    – Canberra: 43 / 67.7%

    – Adelaide: 163 / 86.5%

    – Tasmania: 2 / 100%

    – Combined Capitals: 1,888 / 74.4%


If you’re interested in staying updated on the Australian housing market, feel free to reach out to us. You can also follow our Facebook page and Instagram for regular updates on new listings, market trends, statistics, and insightful information.

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