A sharp slowdown in the pace of construction cost growth may be an early sign that pressures are stabilising within the building sector. CoreLogic’s Cordell Construction Cost Index (CCCI), which tracks the cost to build a typical new dwelling, returned a quarterly growth rate of 0.5% for the September quarter, the smallest lift since the three months to June 2019 and half the pre-COVID decade average of 1.0% … Continue reading Cost growth stabilising within residential building sector

Despite worsening affordability easing the pace of rental growth in Australia, rental availability tightened in September, with vacancy rates falling to new record lows across the country. CoreLogic’s Quarterly Rental Review for Q3 2023 shows rental values rose 1.6% over the quarter, down from the 2.2% rise seen in the June quarter and a full percentage point below the recent peak rate recorded over the three … Continue reading Vacancy rates reach new record lows despite rental growth easing

Utilising a fresh model upgrade, CoreLogic’s national Home Value Index (HVI) recorded a 0.8% rise in September as the recovery trend moved through an eighth consecutive month of growth.  The rise follows a 0.7% lift in August (revised down from 0.8%) taking the quarterly pace of growth in national home values to 2.2%.  Quarterly growth has eased from a 3.0% gain in the June quarter, reflecting … Continue reading Home Value Index up 0.8% in September as demand/supply imbalance continues to push values higher

By Kaytlin Ezzy, Economist, CoreLogic Australia Capital city auction activity is set to halve this week, with 1,324 homes currently scheduled to go under the hammer. With long weekends across NSW, ACT, and SA (Labour Day), QLD celebrating the King’s Birthday, and Victoria taking Friday off for the AFL grand final, this week is set to be the quietest since mid-June (1,033). Last week saw the … Continue reading Combined capitals auctions activity set to halve at 1,324 following second busiest week

By Eliza Owen, Head of Research Australia Short-term resales have emerged as a major housing market trend in 2023. New CoreLogic analysis shows that in winter, 16% of listings added to the market for sale had been owned for less than three years. This marks a series high going back to 2008, where the 15-year average proportion is less than half that (7.9%). The underlying … Continue reading Short-term selling continues to rise, reaching record highs in August

By Kaytlin Ezzy, Economist, CoreLogic With 2,550 homes auctioned across the capitals, last week overtook the week prior (2,314) as the combined capital’s busiest week since before Easter (2,687) and the second busiest of the year so far. Originally slated to be the busiest auction week of the year to date, around 200 auctions were rescheduled for a later date, while 184 (9.5%) were withdrawn … Continue reading Preliminary clearance rates rise as combined capitals host busiest week since before Easter

A statement released last week from Jocelyn Martin, the Managing Director of the Housing Industry Association (HIA), expressed concerns about the “Closing Loopholes Bill” introduced in the Federal Parliament. According to Ms. Martin, the bill may have negative consequences for businesses, particularly small businesses in the residential building industry. Here are the key points made in her statement: Impact on Small Businesses: The statement highlights … Continue reading Negative consequences on business- HIA

Former NSW Liberal Party President Maria Kovacic’s recent call for the Coalition to consider a cap on negative gearing for investment properties “denies Aussies future financial security”. First National Real Estate’s Chief Executive Ray Ellis believes capping negative gearing will deny Australians including nurses, firemen, defense personnel, and teachers an incentive that makes buying a rental property more affordable, offers future financial security, and provides … Continue reading “A cap is not the answer” – Ray Ellis