- Residential real estate was valued at $10.2T at the end of October.
- The previous month, the market was valued at $10.1T.
- Value rises are easing, with quarterly growth down from the June quarter.
Australian real estate values have risen again, with the latest CoreLogic figures putting Australia’s property market value at $10.2 trillion at the end of October.
This follows the previous month’s $10.1 trillion valuation, with the Australian housing market having returned to the $10 trillion mark in September this year.
While home value rises accelerated month on month, the quarterly movement showed some easing. CoreLogic figures found that Australian real estate values rose 2.3% in the three months to October, which is down from the recent 3.1% high recorded in the June quarter.
Among the capitals, Perth was the standout performer, delivering the highest three month growth rate in October, at 4.6%.
The weakest performers were Darwin and Hobart, posting three month growth rates of 0.3%.
Homes taking longer to sell
As prices climbed, so did days on market. The time it took to sell a home climbed slightly through the three months to October. According to CoreLogic, the median days on market was 30 days, nationally.
Sales are below the five year average, however, with CoreLogic estimating 40,993 sales in October, nationally; the historic five year average for October is 44,813.
While sales fell from the historic average and homes spent longer on the market, discounts shrunk.
CoreLogic figures found that the median vendor discount in the three months to October, nationally, was -3.6%. This is up from a recent low of -4.3% at the end of last year.
More homes are also on the market, with new listings figures trending higher throughout winter and into the start of spring. They are now 10.2% higher than a year ago. However, it is 5.4% below the previous five year average.
Total listings are also growing, with 155,478 listings seen in the four weeks to 5 November. This gradual uplift is off the back of significant levels of new listings, with total listings now 4.2% higher than a month ago.
The auction market also recorded fairly steady clearance rates but did see some fluctuations. The combined capital cities recorded an average clearance rate of 65% in the four weeks to 29 October, which was steady on the previous four week period. However, the week fo the 29 October saw a drop to 62.9%.
Over 2,800 homes to head under the hammer
After easing auction volumes last week, CoreLogic is expecting 2,816 homes to be auctioned off this weekend.
This weekend will be the second busiest of the year, dethroning the week ending 2 April (2,687), and behind the week ending 29 October when 3,381 homes were auctioned.
Australia’s auction market saw 2,170 homes go under the hammer the same time last year.
Auctions scheduled for this weekend
| City | Scheduled auctions |
|---|---|
| Melbourne | 1,218 |
| Sydney | 1,125 |
| Adelaide | 163 |
| Canberra | 130 |
| Brisbane | 157 |
| Perth | 20 |
| Tasmania | 3 |
Source: CoreLogic.
Melbourne is expected to host its second busiest auction week of the year. The expected 1,218 homes set to head under the hammer represents a 160.3% uplift from the previous week (468). CoreLogic’s Kaytlin Ezzy noted this was due to the start of the Spring Racing Carnival.
This weekend will be a cracker for Sydney, overtaking the week ending 29 May 2022 (1,109) as Sydney’s busiest auction week since mid-April 2022 (1,409). The latest figure represents a 6.2% increase on last week’s figures.
Adelaide is set to see an 8.4% decline in weekly auction activity, and Canberra is expecting 11% fewer auctions this week.
Brisbane is expecting a 4.7% uplift in auction volumes.
Last week’s results
The final clearance rate for the week ending 5 November 2023 was 63.8%, according to CoreLogic.
Across 2,019 auction results collected by CoreLogic, 1,288 auctions cleared and 731 auctions uncleared.
The latest auction results represent a 90 basis point uplift from the previous week’s 62.9%.
Ezzy noted that buyers drove the rise in clearance rates, with the portion of properties passed in at auction falling to 26.3%. The combined capital withdrawal rate was its highest in five weeks at 10%.
Melbourne saw substantially reduced auction volumes due to the Spring Racing Carnival kicking off, while Sydney’s auction activity held relatively steady at 1,059.
