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Here's a brief snapshot of what the Australian property market got up to in the month of November.
According to the CoreLogic November Hedonic Home Value Index - results out today show a rise in dwelling values across every capital city excluding Melbourne over the month. This cements the common thought, that this time of year sales and growth takes a breather. Especially given the year we have had. Across all markets, we saw a steady increase in capital city home values by 0.2%. There was a decline in regional centres of 0.2%.
Taking a look at the year on year growth, all capital cities besides Perth are showing a positive trend. Sydney leads the charge with 13.1% followed by Melbourne with 11.3%. Hobart and Canberra again very strong with 8.5% and 8.4% respectively. Adelaide and Brisbane remained steady with 4.7% and 3.9%. Perth still showing signs that the resource boom is well and truly over with -3.4% growth YOY.
For Sydney auction clearance rates, the Eastern Suburbs and Inner West have kept the overall rate consistently in the 70's and 80's. A lack of properties on the market has played a large role in this for 2016. According to CoreLogic, the month of November saw auction volumes starting to ease as we approach the holiday season. Sydney had 948 auctions scheduled for the third week of November compared to 1,063 in the second week of November. In 2015 the last week of November saw 1,372 auctions in Sydney.
Canberra is still an interesting market. Strong growth in houses ranging from $700k - $2M. But we have seen new off plan 1-bed apartments drop to $260k ($300k at the start of the year).
We should see the market taper off in December as buyers and vendors take a break for 2016 and recharge the batteries for 2017. Agents are already reporting strong listings to start January in most markets - so we look forward to jumping into 2017.
Cheers
Richie
* Data sourced from / HerronToddWhite / CoreLogic
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