Weekly Market Update (3 Nov 2023)

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print
/
/
Weekly Market Update (3 Nov 2023)
  1. National House Prices over October (Source: Dr. Andrew Wilson)

    National house prices in Australia increased by 0.9% over the October quarter, the fastest monthly rate of increase since June. The national capital city median house price is now $1,078,098, 6.4% higher than in October 2022. Perth was the top performer, with house prices rising by 2.3%, while Darwin saw a decline of 2.2%. Median house prices in October 2023 were up by 1.0% in Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart, Darwin, Canberra, and nationally. The national unit price also increased by 4.5% compared to October 2022. Adelaide and Brisbane reported the highest annual unit price growth, followed by Perth, Sydney, Canberra, and Melbourne. Despite rising interest rates impacting affordability and confidence, the housing market is expected to continue performing well throughout the spring selling season. The recent increase in interest rates is likely to impact housing market activity, but strong economies and restored buyer and seller confidence will support the market.

 

  1. National Home Value Index (Source: CoreLogic)

    The national Home Value Index in Australia rose by 0.9% in October, with the index expected to reach a new record high by mid-November. However, there has been a slowdown in the quarterly pace of growth, likely due to increased stock levels and affordability challenges. While most capital cities saw an increase in housing values, regional markets continue to lag behind. Regional Queensland, Western Australia, and South Australia are showing stronger conditions, while Regional Victoria remains soft with flat housing values. Overall, 13.4% of regions recorded a drop in value over the past three months.

    The CoreLogic Home Value Index can be downloaded on corelogic.com or our Square Real Estate website at https://www.squareqld.com.au/advice/the-real-estate-report/.

 

  1. Overseas Investors (Source: Robert Chandra)

    Interest from foreign property seekers in Australia is on the rise as migration levels have returned to pre-pandemic levels. Searches for buying and renting properties from overseas have increased significantly, with New Zealand showing the most interest. Interest from China, which had declined during the pandemic, has also rebounded, particularly in property purchases. The opening of Australia’s international border has led to a surge in arrivals and search volumes. Melbourne and the Gold Coast are the most sought-after locations for overseas property seekers. Suburbs like Brunswick East and Carlton North in Melbourne have seen a significant increase in property searches. As migration continues to increase, more foreign property seekers are expected to settle in Australia, with many eventually purchasing their own homes.

 

  1. CoreLogic Auction Results (Week ending 29 Oct 2023)
    (Total Auction / Clearance Rate)

    – Sydney: 1,086 / 70.8%

    – Melbourne: 1,703 / 68.6%

    – Brisbane: 238 / 58.9%

    – Perth: 15 / 50%

    – Canberra: 165 / 50.9%

    – Adelaide: 173 / 85.2%

    – Tasmania: 3 / 0%

    – Combined Capitals: 3,383 / 68.5%

🟦🟨🟦🟨🟦🟨🟦🟨🟦🟨

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Looking For Real Estate Services?